Aldar Properties PJSC (ALDAR:UH), Abu Dhabi’s largest property developer, was downgraded by S&P to non-investment grade (junk). Their rating was lowered by six notches, from A- to BB-, and it has a negative long term outlook. S&P cited that the reason for their downgrade was the declining profits and real estate prices.
Aldar was severely affected by the global financial crises and had a difficult couple of quarters as it reported a third consecutive quarterly loss of AED475.3 million while the consensus estimates were AED210 million.
The share price fell 74% from this year’s high of 5.2 to 2.39. Their sukuk are trading 7.5% lower from their highs in January; however, their yields, currently at 9.94% have surged by 141%.
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The real estate market in Dubai will never recover to where it was because it is simply a bubble that burst.
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what program or what do you use to make these charts?
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Saud Reply:
August 8th, 2010 at 4:24 pm
bloomberg
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where in bloomberg? is this for the KSE as well?
Im interested in the best charting software available that supports the KSE
your help would be appreciated
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Saud Reply:
August 10th, 2010 at 12:00 am
the best are the Bloomberg and reuters terminals. For an online website you should probably visit asmainfo.com
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