S&P Upgrades Emaar; Maintains Dubai Holding

DUBAI - Standard & Poor’s has upgraded its ‘BBB+’credit ratings on Emaar Properties to developing from negative, following the Dubai-based property company’s announcement of its merger with the real estate business of the government-run Dubai Holding Commercial Operations Group.

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By Rocel Felix

Published: Wed 1 Jul 2009, 1:27 AM

Last updated: Sun 5 Apr 2015, 9:42 PM

The credit ratings firm however, kept its ‘A’ long-term ratings on Dubai Holding with “negative implications.” S&P said its rating action on Emaar reflects the “prospective benefits” on Emaar’s credit profile if it merges with Dubai Holding.

· rocel@khaleejtimes.com

Rocel Felix

Published: Wed 1 Jul 2009, 1:27 AM

Last updated: Sun 5 Apr 2015, 9:42 PM

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