Moody's cuts Dubai government issuers

Moody's Investors Service said it downgraded all six government-related issuers in Dubai and kept ratings on review for downgrade.

DP World's issuer and debt ratings were downgraded to Baa2 from A3; Dubai Electricity & Water Authority issuer and debt ratings were downgraded to Baa2 from A3; DIFC Investments issuer and debt ratings were downgraded to Ba1 from A3; Jebel Ali Free Zone issuer and debt ratings were downgraded to Ba1 from Baa1; Dubai Holding Commercial Operations Group issuer and debt ratings were downgraded to Ba2 from Baa1; and Emaar Properties issuer ratings were downgraded to Ba2 from Baa1.

The action reflects the Dubai government's plans to restructure Dubai World, including a requested standstill on all financings to Dubai World and its subsidiary Nakheel, according to the agency.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.