Moody's stabilizes Emaar Malls view

Moody's Investors Service said it changed the outlook to stable from negative and affirmed Emaar Malls Management LLC's Baa2 long-term issuer rating and the Baa2 backed senior unsecured rating on the sukuk due in 2024 issued by EMG Sukuk Ltd.

“The decision to change the outlook to stable from negative reflects EMM's strong operating performance supported by the improving macroeconomic outlook for the Emirate of Dubai. In 2021 and Q1 2022, higher footfall, robust occupancy of 92% and significant recovery in tenant sales led to higher rental revenue across EMM's malls. Going forward, Moody's expects the recovery in tourism and local consumption to support healthy consumer spending growth over the next 12-18 months, which will in turn provide a boost to retail sales,” the agency said in a press release.

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