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S&P ups Emaar to stable
Standard & Poor's said it affirmed the BB long-term corporate credit and senior unsecured debt ratings on Emaar Properties PJSC.
The agency also said it revised the outlook to stable from negative.
The agency also said it affirmed the BB rating on the $500 million trust certificates issued by Emaar. The recovery rating on these certificates is unchanged at 3, indicating 50% to 70% expected recovery in a default.
The affirmation reflects the good performance of Emaar's leasing and hospitality assets, which constitute an increasing share of total earnings, Fitch said.
The agency said it believes this uptrend helps offset the uncertainties and the relatively short track record in Emaar's international development activities.
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