Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty - S&P Global Ratings’ Credit Research

Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty

Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty - S&P Global Ratings’ Credit Research
Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty
Published Mar 26, 2020
8 pages (4042 words) — Published Mar 26, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

In our view, based on publicly available information, the ability of the government of Dubai (not rated) to provide financial support to its government-related entities if needed may weaken over the next one or two years. In addition, declining oil prices and uncertainty regarding the economic implications of the COVID-19 pandemic could hamper Dubai's real estate sector, which depends heavily on international investments and tourism. These developments have led us to take various rating actions on four real estate companies we rate in Dubai. DUBAI (S&P Global Ratings) March 26, 2020--S&P Global Ratings said today that it has taken various rating actions on four Dubai-based real estate companies and developers (see the ratings list for details). We have lowered to

  
Brief Excerpt:

...- In our view, based on publicly available information, the ability of the government of Dubai (not rated) to provide financial support to its government-related entities if needed may weaken over the next one or two years. - In addition, declining oil prices and uncertainty regarding the economic implications of the COVID-19 pandemic could hamper Dubai's real estate sector, which depends heavily on international investments and tourism. - These developments have led us to take various rating actions on four real estate companies we rate in Dubai. DUBAI (S&P Global Ratings) March 26, 2020--S&P Global Ratings said today that it has taken various rating actions on four Dubai-based real estate companies and developers (see the ratings list for details). - We have lowered to 'B' from 'B+' our ratings on Damac Real Estate Development. The outlook remains negative. - At the same time, we have placed our '###-' ratings on Emaar Properties and Emaar Malls on CreditWatch with negative implications....

  
Report Type:

Ratings Action

Issuer
Damac Real Estate Development Ltd.
Sector
Global Issuers, Structured Finance
Country
United Arab Emirates
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty" Mar 26, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Various-Rating-Actions-Taken-On-Dubai-Based-Real-Estate-Firms-On-Economic-Pressure-And-COVID-19-Uncertainty-2402169>
  
APA:
S&P Global Ratings’ Credit Research. (). Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty Mar 26, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Various-Rating-Actions-Taken-On-Dubai-Based-Real-Estate-Firms-On-Economic-Pressure-And-COVID-19-Uncertainty-2402169>
  
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