Moody's upgrades Emaar to Ba1

Moody's Investors Service said it upgraded the corporate family rating of Emaar Properties PJSC to Ba1 from Ba3 and the probability of default rating to Ba1-PD from Ba3-PD.

Concurrently, the agency upgraded the provisional rating of Emaar Sukuk Ltd. to provisional Ba1 from provisional B1 and the sukuk issued under this trust certificate program to Ba1 from B1.

The outlook is stable.

"We have upgraded Emaar's ratings as a result of the strong financial performance the company has recently displayed as well as a result of the conversion into equity of almost $500 million worth of capital market debt, which has resulted in credit metrics more appropriately positioned in the Ba1 category," Rehan Akbar, Moody's analyst and local market analyst for Emaar, said in a news release.

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