Emaar Properties PJSC, the United Arab Emirates’ biggest developer, is relatively well positioned to face the challenging domestic real-estate market, Standard & Poor’s said.
Emaar is helped by the “high quality of its rental and hospitality assets and the relatively low remaining exposure to development and cash collection risk,” the rating company said in a research note today. S&P kept the rating on Emaar BB/Negative.
“The negative outlook reflects our view of the challenging property market conditions in Dubai, together with Emaar’s weak liquidity and short debt maturity profile,” S&P said. “Failure to lengthen debt maturities could lead to a downgrade.”
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