Fitch places Emirates REIT on watch

Fitch Ratings said it placed Emirates REIT’s BB rating, as well as the sukuk trust certificates issued by Emirates REIT Sukuk Ltd., which is also rated BB, on rating watch negative.

“The RWN on Emirates REIT reflects uncertainty over its ability to increase occupancy and rent across its portfolio in current challenging economic conditions in Dubai. It also reflects the possibility of rent concessions, which may result in lower cash generation,” Fitch said in a press release.

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