PNC Investments LLC (PNCI), the parent organization of the international luxury real estate firm Sobha Realty, has recently had its Corporate Family Rating (CFR) elevated by Moody’s Ratings from Ba3/stable to Ba2/stable. Additionally, the senior unsecured rating for PNCI’s existing $500 million sukuk, which was issued by Sobha Sukuk Limited, has been maintained at Ba2, with all outlooks remaining stable.
This rating upgrade is a testament to PNCI’s persistent strong sales performance, vigorous construction activities, and significant enhancements in its credit profile. In 2024, the company reported a revenue increase to Dh8.9 billion, up from Dh6.5 billion the previous year. Moody’s-adjusted debt to EBITDA has improved from 2.7x in 2024 to an anticipated 0.9x in 2025.
Sobha Realty, recognized as the second-largest private residential developer in Dubai by sales, continues to leverage its Backward Integration Model, ensuring comprehensive oversight from design through to project completion. This strategic approach, along with a substantial backlog exceeding Dh23 billion, equips the company to adeptly adjust to changing market conditions while upholding its dedication to high-quality standards and timely project execution.