Moody’s changes Emaar outlook to positive

Moody's Investors Service said it changed the outlook on Emaar Properties PJSC’s Ba1 corporate family rating and Ba1-PD probability of default rating to positive from stable.

Concurrently, the agency affirmed all ratings, including the Ba1 ratings on the two sukuk issued under Emaar Sukuk Ltd.

The outlook is positive.

"The change to positive outlook reflects the strengthening of Emaar's real estate development, hospitality and retail operations, its disciplined approach to capital expenditure during the recent market up-cycle, which together with the firm's solid liquidity position and sizeable property sales backlog will insulate the company against an anticipated moderate price correction in the Dubai real estate market," Rehan Akbar, Moody’s analyst and local market analyst for Emaar, said in a news release.

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