Aldar Properties has had the outlook for its ratings upgraded from negative to positive by Moody's Investors Service following a debt bailout by the Abu Dhabi government.
The developer, which posted full-year net profit of $175m in 2011 following multi-billion debts the previous year, had its corporate family and probability of default ratings upgraded.
Martin Kohlhase, vice president - senior analyst at Moody's , said: "The asset transaction agreements with the government of Abu Dhabi announced in December eliminate significant market and execution risk and will allow Aldar to reduce its debt load to an estimated AED4.5bn by 2015."
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