UPDATE 1-S&P cuts DAMAC's rating, puts Emaar Properties, Emaar Malls on creditwatch - Reuters:
S&P Global Ratings has downgraded Dubai’s DAMAC Properties to B from B+ and placed the BBB-(minus) ratings of Emaar Properties and Emaar Malls on creditwatch with negative implications, the ratings agency said in a statement.
It also lowered its outlook on DIFC Investments, a unit of the company running Dubai’s financial free zone, to ‘negative’ from ‘stable’.
S&P cited economic pressures from the coronavirus outbreak for the changes and said the ability of the government of Dubai to provide financial support for government related entities may weaken over the next one or two years.
The Dubai real estate sector has been struggling for years due to oversupply and sluggish economic growth.
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