Azizi Developments Receives First Rating for 'BB'- with Stable Outlook from Fitch

Evaluation highlights Azizi's excellent business fundamentals
Despite challenging market conditions, Azizi's unique market position "improves operating profitability and improved liquidity"
Fitch's report highlights "effective cost-building models that enable Azizi to deliver [] properties in key areas"

Azizi Developments, the leading private developer in the United Arab Emirates, has been awarded a 'BB'-rating with a stable outlook by Fitch, one of the three most prestigious global credit rating agencies. This is the first time developer Fitch has gone through the rating process since its beginning.
The rating reflects the financial stability of Assisi Developments, its comprehensive ability to repay financial obligations, and a well thought out, consistent business model that caters to a wide range of clients, including investors and end-user tenants, both local and expatriates.
Credit rating agency Assisi Developments has a unique market position in Dubai's real estate sector, which provides a strong profitability and positive cash flow, and will help "establish Azizi's current growth strategy as a key player".

Fitch's report also highlights that Azizi has developed important relationships with master developers that allow them to acquire land in developing communities near downtown Dubai and Sheikh Zayed Road. This is an indication of the company's adoption strategy, which enables Azizi to deliver an effective cost & model [] assets in key areas.

Commenting on the rating, Farhad Azizi, CEO of Azizi Developments, said: We tailor our offerings to accommodate the specific needs and aspirations of the travelers, which gives them a growth-oriented rental yield and a promising value appreciation. Developers are at the forefront of all their customers' decisions, and offer residential and commercial units in the most desirable locations with the best connectivity, which in turn can thrive even in the worst slopes of a normal market cycle.

Mika Toivola,CFO of Azizi Developments,added: " With the Dubai real estate market in general, and the residential segment in particular, seeing double-digit price correction for primary and secondary properties, we are now seeing strong operating performance through a bespoke growth strategy With higher sales rates. Our strategy is to help sell, finance and deliver residential and commercial properties in the cycle. As a result, it has led to the use of a robust credit rating, and despite the market condition, some people feel uncertain.