Fitch rates Emirates REIT BB+

Fitch Ratings said it assigned a long-term issuer default rating of BB+(EXP) with a stable outlook to UAE-based Emirates REIT.

The expected ratings reflect the agency’s expectation that the company will successfully issue the sukuk and refinance all existing secured credit facilities.

Emirates REIT owns 10 properties in Dubai with a leasable area of 2.2 million square feet (sqf) and a value of $845 million as of September.

“Fitch views the portfolio as relatively low risk with high-quality properties located in prime locations, although Emirates REIT is exposed to its largest asset, the Index Tower office, which accounts for 37% of the portfolio's value. Its properties are a combination of commercial and the education assets, striking a good balance between rental income growth and stability,” the agency said in a news release.

Fitch said in a separate release that it assigned Emirates REIT (CEIC) Ltd.’s sukuk trust certificates issued through Emirates REIT Sukuk Ltd. an expected rating of BB+(EXP). The expected rating is in line with Emirates REIT's long-term issuer default rating of BB+(EXP).

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