Moody's: No change for Emaar

Moody's Investors Service said the A3 issuer ratings of Emaar Properties remained unchanged following news that the company called off a proposed transaction with Dubai Holding that would have provided it with land in exchange for a greater indirect government stake.

The outlook remains stable.

Moody's said it believes the government support that would be provided to Emaar, if needed, is just as high at its current ownership stake of 32% as it would be at more than 50%, Moody's said.

However, the agency said it expects the government to maintain its current stake in the company, which is the minimum expected for the current support assumptions factored into the rating.

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