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Fitch trims Emirates REIT
Fitch Ratings said it downgraded Emirates REIT's issuer rating to B+ from BB. Fitch also downgraded the senior unsecured sukuk trust certificates, issued through Emirates REIT Sukuk Ltd., to BB-/RR3/57% from BB. The agency removed all ratings from rating watch negative, where they were placed on July 2.
“The rating actions reflect Emirates REIT's limited ability to reduce high cash flow leverage. The Dubai real estate market is suffering from a supply and demand imbalance and an economy weakened by the effects of the pandemic and low oil prices,” Fitch said in a press release.
The outlook is negative.
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