Standard & Poor's Rating Services revised its outlook of the Middle East's largest development company from stable to negative. The good news is that it reaffirmed the 'A-' long-term corporate credit ratings!
The revision is natural in the current environment and obviously reflects a rapid weakening of the real estate markets in Dubai. A prolonged downturn could hurt Emaar's development model. Right now, the company has a healthy financial position.
Emaar Properties made headlines around the world for building the world's tallest tower in Dubai.
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