|
|
UAE Brief - 05-11-2009
|
|
|
News
Moody's downgrades ratings of gov't linked firms: Moody’s on Wednesday downgraded five government-linked firms in Dubai, citing tightened criteria for companies to receive government support. DP World, DEWA, DIFC Investments, Jebel Ali Free Zone and Dubai Holding Commercial Operations all had their ratings downgraded by one notch after Dubai’s Government Support Fund disclosed the criteria government related issuers (GRIs) have to meet in order to be eligible for support. The fund has said it would look at the sustainability of GRIs’ business plans, current support of existing financial creditors, and their prospects of fulfilling repayment obligations. It has also said that GRI debt obligations that do not benefit from a guarantee are not regarded as obligations of the government, and that the government is under no obligation to extend support to any such company. “Moody’s is therefore making a greater distinction between its view of the creditworthiness of Dubai’s GRIs and that of the Dubai central government,” the credit rating agency said. (Arabian Business)
Click here to download the complete report
|
|
|
|
|
 |
 |
|
|
|
|
|
|
|
|
|
 |
|
|
|
|
|
|
|
 |
|
|
|
| Asia |
Europe |
Americas |
|
|
|
All data at market close |
|
|
|
|
 |
|
|
|
|
|
|
|