The credit rating of Aldar Properties was upgraded to investment grade by Standard & Poor's on Monday, citing improvements in its financial profile and the increase in recurring rental income following the opening of Yas Mall.
S&P's action, which follows a similar move by Moody's last month, has been welcomed by Aldar's CEO Mohammed Al Mubarak.
S&P said in a statement that it expected the Abu Dhabi-based developer to continue to benefit from continued property demand in the UAE capital.
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