Arab Today, arab today sp upgrades outlook on emaar properties to stable
Last Updated : GMT 13:42:25
Arab Today, arab today
Arab Today, arab today

S&P upgrades outlook on Emaar Properties to stable

Arab Today, arab today

Arab Today, arab today S&P upgrades outlook on Emaar Properties to stable

Dubai - Arabstoday

Standard & Poor\'s Ratings Services on Monday revised its outlook on Dubai\'s Emaar Properties from negative to stable, saying the developer is expected to see growing recurring income.The agency also affirmed the company\'s \'BB\' long-term corporate credit and senior unsecured debt ratings. The affirmation, S&P said, reflects the \"good performance of Emaar\'s leasing and hospitality assets\" which constitute an increasing share of total earnings (68 percent of earnings in first-half 2011 versus 28 percent in first-half 2010). \"We believe this uptrend helps offset the uncertainties and the relatively short track record in Emaar\'s international development activities,\" S&P said in its report. It said Emaar\'s liquidity position was deemed \"adequate\", adding that it estimated Emaar\'s adjusted total net debt at $2.2bn as of June 30, 2011. The S&P report follows a report last week that said Emaar Properties was searching for buyers for two hotels in its flagship development Downtown Burj Dubai. Sources said the developer behind the world’s tallest tower was understood to be looking to sell off the Al Manzil and Qamardeen hotels, as well as other property assets in the Downtown area.The proceeds of the sale may be used to fund the completion of the developer’s unfinished projects in Dubai, the source said. S&P\'s report added: \"We consider that Emaar is pursuing an aggressive international growth strategy in markets where it lacks a track record and it is significantly exposed to markets subject to political risk. \"Mitigating these weaknesses are the increasing earnings contribution from more stable property investment and hospitality activities, the good track record and high quality of rental assets in Dubai, and geographical diversification of the development businesses.\" It said that the stable outlook reflected S&P\'s opinion that Emaar\'s relatively stable leasing activities and an improving performance of hospitality activities would balance uncertainties in international development activities. S&P added that it could upgrade Emaar if sales, margins, and collections in international operations prove resilient while the rental and hospitality assets continue to perform well. Emaar saw an 85 percent fall in its income from apartment sales during the second quarter, as demand for real estate continues to fall in the emirate. Revenues from sale of apartments were AED265.6m ($72.3m) in the second quarter, compared with AED1.7bn in the same period in 2010, the developer said. The developer saw a 69 percent drop in second quarter net profit to AED250m, its smallest quarterly profit in two years.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sp upgrades outlook on emaar properties to stable Arab Today, arab today sp upgrades outlook on emaar properties to stable

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday