Aldar Debt Amounting to $2.3 Billion Cut by Moody’s

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Aldar Properties PJSC, Abu Dhabi’s biggest real-estate developer, was cut to Baa2 from A3 at Moody’s Investors Service. About $2.3 billion of rated debt instruments are affected by the change.

Aldar’s ratings have been kept on review for a further possible downgrade as part of a study of government support for companies in Abu Dhabi and the United Arab Emirates initiated by Moody’s on Dec. 9, according to an e-mailed statement today.

Moody’s said the downgrade is based on “our expectation that unit and land sales volumes will be cumulatively much lower over the next 24 to 36 months than had originally been anticipated,” Martin Kohlhase, Dubai-based assistant vice president at the ratings company, wrote in the report.