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Bond Market News
Emaar Properties Upgraded to BBB
July 4, 2023
Emaar Properties was upgraded to BBB from BBB- by Fitch. It cited reduced cash flow leverage and strong operational results as primary reasons for the rating action. Gross debt at end-2022 stood at AED 14.5bn ($4bn), vs. AED 17.9bn ($4.9bn) in 2021 and AED 21.4bn ($bn) in 2020. EBITDA grew to AED 9.3bn ($2.5bn) in 2022 vs. AED 7.7bn ($2.1bn) the year prior. Besides, Emaar is seeing continued strong sales in residential properties crossing AED 30bn ($8.2bn) in 202, up 12% YoY and more than double that of 2019. It is also said to have a strong order backlog helping it get recognized over the next 3-4 years. Also, the broad growth in UAE’s economy is said to augur well for Emaar Properties. While Emaar Properties generates more than 80% of revenue in Dubai, it also operates in 10 other countries helping reduce concentration risk.
Emaar’s dollar bonds were trading stable with its 3.7% 2031s at 91.5, yielding 5.01%.
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