Fitch Ratings assigned a final long-term issuer default rating of BB+ on Emirates REIT (CEIC) Ltd. and a final BB+ rating on the company's sukuk trust certificates that were recently issued through Emirates REIT Sukuk Ltd.
The outlook is stable.
Fitch's rating on Emirates REIT was attributed to the company's small high-quality portfolio, which it said showed occupancy growth and high tenant concentration. The rating agency also cited as drivers the company's prudent management and business strategy, as well as its dividend policy, improving capital structure and the government support from which it benefits.
Fitch expects the Index Tower office, Emirates REIT's largest asset, to see higher tenancy levels, and the company's portfolio to expand to more than €1.5 billion.