Moody's gives Tamweel A3/P-2

Moody's Investors Service said it assigned A3/P-2 local and foreign currency issuer ratings to Tamweel PJSC, United Arab Emirates.

The outlook is stable.

The agency said that the A3/P-2 ratings reflect the company's growing franchise, dominant position in the nascent mortgage finance market, strong financial fundamentals, sustainable earnings power and imputed support from the Government of Dubai.

Moody's said the ratings recognize the opportunities for the company in the near term, buoyant and expanding economy, underpinned by a growing population, rising rentals, a pent-up demand for housing and the present limited supply, resulting in increasing valuations of properties.

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