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Bank of America rates Aldar 'overweight'
- United Arab Emirates: Thursday, July 09 - 2009 at 11:27
Bank of America Corp. has rated Aldar Properties' 2014 bonds as 'overweight' citing government backing and 'ample liquidity and land bank value,' Bloomberg has reported. London-based analysts Tala Boulos and David Lewis have said that Aldar has been unfairly punished by developments in Dubai. 'We view Abu Dhabi as a strong sovereign and strongly believe that should Aldar be under financial distress, the government of Abu Dhabi would have both the ability and willingness to intervene,' they said.
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StaffThursday, July 09 - 2009 at 11:27 UAE local time (GMT+4)
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