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S&P affirms DIFC Investments
Standard & Poor's said it affirmed the B+/B long- and short-term corporate credit ratings on DIFC Investments LLC, and removed the ratings from CreditWatch, where they were placed with negative implications in November 2009.
The outlook is negative.
S&P said the affirmation reflects DIFC Investments' $1 billion plus restructuring program as a positive step with respect to its creditworthiness, but also considers the execution risk involved.
The ratings also are based on a view of the company's weak earnings and operating cash flow, S&P said.
Given the Dubai government's full ownership of the company, S&P said it considers DIFC Investments as a government-related entity.
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