DAMAC REAL ESTATE DEVELOPMENT LIMITED - Moody's Affirmed Ba2 Rating and Changed Outlook to Positive
Thu, 10 Oct, 2024
Dubai, United Arab Emirates, 9 October 2023: Moody’s Ratings (Moody’s) revised the outlook of Damac Real Estate Development Limited from stable to positive and affirmed its corporate credit rating, as well as the rating on its US$600mn senior unsecured trust certificates due 2027, both at ‘Ba2’.
The rationale for this change reflects the company's continued strong sales performance, active construction activity, improving credit metrics, and a solid track record in cash flow and liquidity management.
If you have any questions, please contact our Investor Relations Team (investor.relations@damacgroup.com).
