Moody’s Investors Service has rated Dubai-based Emaar Properties below other Dubai government-related corporates. The ratings agency says that the property developer should be seen as separate from

the government.

Emaar has been assigned a long-term foreign and local currency rating of A3, two notches below the A1 ratings of Dubai Holding Commercial Operations Group, DP World and DIFC Investments.

‘For all the other companies, we believe the government would support them in any circumstance,’ says Phillip Lotter, an analyst at Moody’s. ‘We believe Emaar has to be viewed on a stand-alone basis. The real estate sector is potentially volatile and cyclical. Emaar is uniquely exposed to Dubai and its real estate patterns of supply and demand.’