Moody’s ratings cut “unfortunate” says Aldar CFO
The Abu Dhabi-based property developer will continue receiving government support, Shafqat Malik, Aldar’s CFO told Zawya Dow Jones.
March 6, 2010 8:37 by kippreport
Abu Dhabi-based Aldar Properties will continue receiving support from the government, Shafqat Malik, the property developer’s CFO told Zawya Dow Jones on Friday, after Moody’s Investors Service cut the firm’s credit rating on Thursday. “There has been no change in our working relationship with the government over the last two years,” he said. “It’s been the same, or better.”
Moody’s cut Aldar’s rating to ‘Ba1′ from ‘Baa2,’ because it assumed that less government support would be offered to the company. Aldar’s portfolio “still contains a significant portion of commercial projects, which will require financing beyond 2011 and for which the support mechanisms are less certain,” Moody’s said.
“It’s unfortunate, because it’s their change in methodology,” Malik said. “We just have to wait and see until the ratings agencies change their mind, basically.”