Fitch Ratings upgraded Emaar UAE's rating to BBB from BBB-, with a stable outlook.
In its report, the agency said that the rating reflects the company's good performance, and that total debt declined by 20% in 2022.
The agency added that a portfolio of high-quality assets that generate fixed recurring revenues and is responsible for about half of the group's profits before calculating interest, taxes, depreciation and amortization, helps to mitigate the volatility inherent in its residential development business, as Emaar usually develops and sells residential properties, but it It retains ownership of retail outlets, entertainment assets and other assets, which are either leased or operated.
