S&P downgrades trio of Dubai developers as pandemic hits property and retail
- Date: 11-Jul-2020
- Source: Arab News
- Sector:Real Estate
- Country:UAE
S&P downgrades trio of Dubai developers as pandemic hits property and retail
RIYADH: The credit ratings of three Dubai property companies were downgraded by S&P as the coronavirus pandemic hits confidence in the retail and real estate sectors.
S&P Global Ratings reduced the credit ratings for the real estate developer Emaar Properties as well as Emaar Malls to +BB from -BBB with a negative forward outlook, adding that it sees a "weakening across all its business segments“ in 2020. S&P also cut its rating for DIFC Investments to +BB from -BBB, while keeping a stable outlook.