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Friday 5 March 2010
Aldar Properties Gets Abu Dhabi’s First Junk Rating by Moody’s
Aldar Properties PJSC, Abu Dhabi’s biggest real-estate developer, became the first company in the oil-rich emirate to receive a “junk” rating by Moody’s Investors Service after property values fell.
The developer of thousands of homes and offices in the United Arab Emirates’ capital was cut two levels to Ba1, the first step below investment grade, and given a negative outlook, Moody’s said in a statement today.
Aldar’s “fundamental profile has deteriorated over the past 12 months,” Moody’s analyst Philipp Lotter said in a phone interview today. “Although Aldar still receives fairly material uplift from government support, the combination of relatively lower support and a weaker real estate market has resulted in that rating coming down.”
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