Fitch gives stable credit outlook to GCC realty firms

fitch ratings yesterday assigned stable credit outlook to construction and property firms in the gcc and expects them to continue generating sufficient operational cash flow to support upcoming debt maturities in the short to medium term. the global ratings agency said the extent and severity of the property market slowdown will vary from one gcc state to another. in addition, the majority of fitch-rated issuers in the region are either fully or partially owned by governments and are likely to be able to rely on support from their respective sovereigns if required. relevant issuers' ratings could thus be revised if a sovereign's rating changes.