Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Abu Dhabi-based property company Aldar Properties PJSC (Aldar) to 'B' from 'BB-'.
Standard & Poor's also said that it placed the 'B' long-term and 'B' short-term ratings on CreditWatch with negative implications.
"The downgrade reflects our view of the very challenging real estate market conditions in Abu Dhabi and the reliance of Aldar's future earnings and cash flow on continued demand for both the sale and rental of property and land," explained Standard & Poor's credit analyst Tommy Trask.
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