Moody's rates Emaar Properties

Moody's Investors Service said it assigned a corporate family rating and a probability of default rating of B1 to Emaar Properties PJSC.

The outlook is negative.

The ratings reflect execution risks that the agency said it has identified and that largely relate to the sale of unsold units in Dubai and in international markets, the cash collection of presold property and refinancing, Moody's said.

Moody's said it is concerned about the ability to collect future installments on units for which collection levels are currently below 50%.

But, the agency noted that Emaar could potentially repossess properties while retaining the down payments, which would allow Emaar to resell.

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