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S&P lowers DEWA, DIFC
S&P said it lowered its issuer credit rating on Dubai Electricity and Water Authority (DEWA) to BBB from BBB+. The outlook is negative.
At the same time, S&P lowered its issuer credit rating on DIFC Investments LLC (DIFCI) to BBB- from BBB. The outlook is stable.
“In our view, credit conditions in Dubai have deteriorated, which we believe affects the government's likely ability to provide extraordinary financial support to its government-related entities (GREs), if needed,” S&P said in a news release.
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