Moody's downgrades Aldar Properties
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Moody's downgrades Aldar Properties

Moody's downgrades Aldar Properties

The issuer rating for Aldar Properties has been downgraded by Moody's Investors Service by two notches to Ba3 from Ba1. Moody's has also implemented a three-notch downgrade to B1 from Ba1 of the ratings for Aldar's $1.25bn bond as well as for its Dhs3.75bn sukuk (due 2013 and issued by Sukuk Funding. The downgrades are driven by Moody's assessment that Aldar's H1 results and the weak state of the Abu Dhabi property market.

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