Rating Upgrade of PNC Investments LLC (PNCI)

S&P Global Ratings, via its press release dated 29th July 2024, has upgraded the rating of PNCI and its Sukuk Issuance (Sobha Sukuk Limited Trust Certificates 2028; NASDAQ Dubai: SOBHA0728USD; ISIN: XS2633136234) to BB/stable from BB-/Positive.

Being a renowned and trusted name in the real estate sector, Sobha Group has continuously delivered excellence in the realm of luxury residential and commercial development, reflecting its unwavering commitment to quality, innovation, and customer satisfaction. The foremost backward integrated company known in the world with all the key competencies and in-house resources to deliver a project from conceptualisation to completion, ensuring timely delivery and unmatched quality. In the fast-paced real estate market of Dubai, Sobha Group is poised for unparalleled achievement owing to its strong portfolio of landmark projects and steady expansion.

To know, please find the link to PR: https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3221825 .