Moody's rates Emaar Properties A3

Moody's Investors Service said it assigned long-term foreign- and local-currency ratings of A3 to Emaar Properties PJSC.

The outlook is stable.

Emaar's ratings are underpinned by the group's solid operational track record as Dubai's most established property company, as well as the good cash generation and low leverage that currently characterize its financial profile, Moody's said.

However, the ratings also incorporate the potential softening of the Dubai property market, to which Emaar is heavily exposed despite growing international expansion, the agency added.

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