S&P moves Emaar view to stable

S&P said it revised the outlook for Emaar Properties PJSC and affirmed its BB+ long-term issuer credit rating.

The Dubai real estate market is getting stronger as the emirate emerges from a pandemic-induced slowdown. After a tough 2020, data for first-quarter 2021 suggest Dubai’s residential market has bottomed out and now offers attractive opportunities for developers, especially for premium properties, the agency said.

“We forecast more than 30% revenue growth in 2021 on supportive market trends for real estate and a gradual recovery in other business segments,” S&P said in a press release.

The agency said it projects Emaar Properties' adjusted FFO to debt will reach close to 30% at the end of 2021 and will stay above that in the following years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.