EM CEEMEA CREDIT: EMAAR: Moody’ upgrade to Baa1 outlook stable
EMAAR (EMAAR; Baa1/BBB+/BBB)
Moody’ upgrade to Baa1 outlook stable
• Moody’s upgrading to in line with S&P. Upgrade reflects revenue visibility over the next three years, with backlog of AED127bn. Moody’s expects Emaar’s recurring income portfolio will grow from AED9.4bn in 2024 to AED10bn in 2027. Credit metrics have improved with debt to book capitalisation improving to approx 12% at the end of March from 25% in 2020 and EBIT coverage improving to 24x over the LTM end March 25 from 2.3x in 2020.
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GREECE: Greece Applies For EU Fiscal Escape Clause
Latest From our Policy Team: "Greece Applies For EU Fiscal Escape Clause"
- "Greece will apply to the European Commission for activation of a national escape clause from the bloc's fiscal rules, Greek Finance Minister Kyriakos Pierrakakis said on Tuesday, adding that the move would free up EUR600 million of fiscal space which will be used to lower the tax burden on the country's middle classes".
- "Greece will become only the second EU country to apply for the escape clause, following Germany's formal application Monday. The Commission has said that it expects a "lot more" countries to apply during the coming hours and days as the Wednesday deadline looms, although the EC has stressed that the deadline is a "soft" one".
EQUITIES: Latest EU Bank Vol Options
- SX7E (20th Mar) 155^, sold at 44.4 in 7.5k.
- SX7E (19th Sep) 155^ sold at 38.2 in 6k.
MNI EXCLUSIVE: MNI discusses the difficulties faced by China's exporters
MNI discusses the difficulties faced by China's exporters --- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
