Aldar Properties PJSC’s (‘Aldar’ or the ‘Company’ ADX: ALDAR) credit rating has been upgraded to investment grade by Standard & Poor's Ratings Services (‘S&P’), citing its improved financial profile through the reduction of its financial leverage and development risk, the increase in recurring rental income following the opening of Yas Mall and other investment properties, and the expectation that the Company will continue to benefit from continued property demand in Abu Dhabi. This is the second upgrade to investment grade for Aldar, following the upgrade by Moody’s to Baa3 with ‘stable’ outlook on 26 November 2014.

The ratings agency also upgraded Aldar’s $750 million Trust Certificates due in 2018 to investment grade, raising the rating from BB+ to BBB-.  

Mohammed Al Mubarak, Chief Executive Officer of Aldar Properties PJSC, commented:

“I am very pleased that once again Aldar’s financial strength has been acknowledged by the market. This upgrade from S&P reinforces Aldar’s strategy and the benefits that deleveraging and recurring revenue growth can bring to our business. As Abu Dhabi’s largest developer it is important that we act quickly and efficiently to deliver product to market and our financial strength is an important element of our growth story. ”

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