Aldar Properties, the Abu Dhabi-based developer, has announced the successful refinancing of $490 million in existing bank loans which were due to mature by 2018.

The conclusion of the bank loan refinancing reinforces the strength of Aldar’s balance sheet, with the average debt maturity now extending to four years, the developer said in a statement. The interest-only loans were agreed with three local and international banks over five, seven and ten year maturities.

The developer said that its ability to secure interest-only bank loans with maturities of up to 10 years at highly competitive commercial terms underlined its robust performance, clear strategy and future prospects.

Separately, Aldar’s long and short-term corporate credit ratings have been upgraded by S&P Global Ratings to BBB-/A-2, with a stable outlook, the company added.

The S&P Global Ratings were a reflection of the company’s continued financial strength, its CEO said as its corporate credit ratings rose by one notch from BBB-/A-3.

“This ratings action is another acknowledgement of our financial strength and the success we have enjoyed in building a mature and sustainable business. With a strong capital structure in place we remain well positioned, with a clear strategy that is focused on creating long-term value for our shareholders,” said Mohamed Khalifa Al Mubarak, CEO of Aldar Properties.

The ratings firm noted that Aldar’s operating performance was improving on the back of steady recurring income from its rental portfolio, which in turn strengthened its financial and business risk profile.

Aldar’s credit rating was previously upgraded to investment grade (BBB-/A-3) in December 2014.