S&P cuts three Dubai issuers

Standard & Poor's said it has revised its ratings on several Dubai-based government-related entities that had been on Creditwatch with negative implications since April 30, noting that it has downgraded DP World Ltd., Jebel Ali Free Zone and Dubai Multi Commodities Centre Authority, and affirmed the ratings on DIFC Investments LLC and Thor Asset Purchase (Cayman) Ltd.

The rating actions reflect S&P's reappraisal of the likelihood of extraordinary financial support by the Government of Dubai to its GREs to ensure the timely repayment of their financial obligations.

The rating actions also reflect its view of the stand-alone credit profiles of the entities, which in certain instances, the agency said it considers to have deteriorated.

Affirmed ratings include DIFC Investments' issuer credit rating at A/negative/A-1 and Thor Asset's senior secured debt rating at A as well as Gold Sukuk's senior unsecured debt rating at BB.

Downgraded ratings include DP World's, Jebel Ali Free Zone's and JAFZ Sukuk's issuer credit rating at BBB+/negative/A-2, dropped from A/watch negative/A-1.

© 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.