Fitch affirms Dubai Holding Commercial

Fitch Ratings said it affirmed Dubai Holding Commercial Operations Group LLC's long-term issuer default and senior unsecured ratings at AA-, along with its short-term issuer default rating at F1+.

The outlook remains stable.

The action affects nearly $3 billion of bonds outstanding. The ratings reflect the company's ownership structure and strategic position in the development of Dubai as a commercial/business and tourism/leisure hub, Fitch said. The ownership links the company closely to the emirate of Dubai, whose government controls its strategic development, the agency said.

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