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
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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.