S&P raises Emaar rating to ‘BBB-‘
The builder of the world’s tallest tower, Emaar Properties has received an investment grade rating for the first since time in four years at Standard & Poor’s, as Dubai’s property market recovers, Bloomberg has reported. The rating was raised to BBB-, the lowest investment grade, with a stable outlook from BB+, S&P said. “The rating action reflects the sound performance of Emaar’s high-quality, Dubai-based leasing and hospitality assets, which constitute a large share of total earnings,” S&P said. “The upgrade also incorporates Emaar’s successful launch and presale of new high-margin developments in Dubai.” Emaar was cut to ‘junk’ in December 2009 amid a plunge in Dubai property prices and as the Gulf business hub staved off a near default with help from Abu Dhabi.