Dubai-based property developer Emaar Properties has had its credit rating upgraded from BB plus to BBB- by rating agency Standard & Poor’s.

The company has a stable outlook.

The upgrade is partly due to the company’s increasing recurring income, with Emaar having presold a number of new residential developments in Dubai which are expected to support earnings for the next two to three years.

The company’s financial position has also improved following the conversion of $498m of convertible notes into equity earlier this year.

Emaar is currently overseeing a number of property projects as part of its Downtown Dubai development. It received bids at the end of 2013 for the construction of Fountain Views three-tower residential building and for the expansion of Dubai Mall.