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Fitch raises Emaar Properties
Fitch Ratings said it upgraded Emaar Properties PJSC's long-term issuer default rating to BBB from BBB-.
“The upgrade reflects EP's reduced cash flow leverage, as well as good operational performance. Fitch-calculated EBITDA mall-derived gross leverage was 3.6x at end-2022 (end-2021: 4.2x) and is forecast to average 2.7x over the next three years. The deleveraging reflects higher EBITDA, as the group continues to benefit from growth in revenue and EBITDA in all business segments, as well as a 20% reduction in gross debt in 2022,” the agency said in a press release.
Fitch noted the company’s gross debt at end-2022 was AED 14.5 billion, compared with AED 17.9 billion in 2021 and AED 21.4 billion in 2020. EBITDA rose to AED 9.3 billion in 2022 from AED 7.7 billion in 2021.
The outlook is stable.
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