Moody's lowers Aldar rating to Baa2

Moody's Investors Service has downgraded the ratings for Abu Dhabi-based developer, Aldar Properties and its debt instruments, due to the impact that the weaker commercial and residential property market. Ratings for the Abu Dhabi developer and its Trust Certificates (sukuk) and the guaranteed Notes have been lowered to 'Baa2' from 'A3'. The rating agency said it has kept the ratings on review for further possible downgrade as part of the ongoing review of government support for Abu Dhabi and UAE corporates.