SP cuts Emaar Properties, DIFC Investments rating; Dubai GDP to shrink 11% – ZAWYA

SP cuts Emaar Properties, DIFC Investments rating; Dubai GDP to shrink 11% – ZAWYA

S&P cuts Emaar Properties, DIFC Investments rating; Dubai GDP to shrink 11% | ZAWYA MENA Edition HomeEconomyGCCArticleS&P cuts Emaar Properties, DIFC Investments rating; Dubai GDP to shrink 11% The ratings agency forecasts Dubai's recovery to 2019 levels of nominal GDP in 2022    A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018. REUTERS/Ahmed JadallahS&P Global Ratings has downgraded the credit rating of three Dubai real estate companies - Emaar Properties, Emaar Malls and DIFC Investments - due to increased economic pressures from the spread of COVID-19.UAE's largest property firm, Emaar Properties, was downgraded to BB+ from BBB- with a negative outlook.The ratings agency expects weakening across Emaar Properties' business segments this year due to the economic slowdown from the spread of COVID-19 that will likely lead to material deteriorations in the company's credit metrics, it said in a report.The ratings agency expects weakening across Emaar Properties' business segments this year due to the economic slowdown from the spread of COVID-19 that will likely lead to material deteriorations in the company's credit metrics, it said in a report.Emaar Malls, owner and operator of the world's largest shopping centre, Dubai Mall was