Moody's Investors Service on Tuesday assigned a corporate family rating and a probability of default rating of B1 to Emaar Properties, saying it had concerns about the number of unsold units the property giant had on its books.

Moody's said the rating action concluded the review initiated in December 2009, when Moody's downgraded Emaar's ratings to B1 and placed them on review for downgrade in response to reductions in government support that had previously been factored into the ratings of all Dubai government-related issuers.