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Bond Market News
Emaar Properties Upgraded to Baa1 by Moody’s
May 30, 2025
Moody’s has upgraded Emaar Properties PJSC’s (Emaar) long-term issuer ratings and senior unsecured bonds to Baa1 from Baa2. Moody’s highlighted that these upgrades reflect Emaar’s strong revenue visibility, conservative financial policy and robust liquidity. As of March 2025, Emaar had a revenue backlog of AED 127bn ($34.58bn), backed by steady market demand and solid cash collection. Emaar’s debt-to-book capitalization ratio improved to 12% from 26% in 2020 and EBIT-to-interest expense increased to 24x in FY2024 vs 2.3x in FY2019-20. However, Moody’s also highlighted that Emaar’s reliance on Dubai exposes it to concentration risk, underpinning the outlook to stable.
Emaar’s dollar sukuk traded stable with its 3.875% 2029s at 96.411, yielding 4.81%.
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