Moody's upgrades Emaar Properties

Moody's Investors Service said it upgraded Emaar Properties PJSC's long-term issuer rating to Baa2 from Baa3. The agency also raised Emaar Malls Management LLC's long-term issuer rating to Baa1 from Baa2.

"The rating action is on the back of Emaar and EMM's longstanding track record over several real estate cycles as well as the strong financial performance that both companies have reported over the past 18 months with leverage and interest coverage improving significantly for both issuers," said Julien Haddad, a Moody’s vice president, senior analyst and local market analyst on Emaar and EMM, in a press release.

"The rating action is also a reflection of the robust macro-economic environment for the Emirate of Dubai as well as better operating conditions for the local real estate sector, and the expectation that the supportive environment will be sustained for the next 12-18 months with Emaar already having a backlog of AED 55.7 billion as of March 2023," Haddad added.

The outlook remains stable.

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