Moody's: DIFC outlook stable

Moody's Investors Service said it affirmed the B3 corporate family rating, probability of default rating and debt ratings of DIFC Investments LLC and Dubai Sukuk Centre Ltd. and changed the outlook on all ratings to stable from negative.

Moody's said the stabilization of DIFC's outlook reflects (a) the improvement in liquidity following the announcement of the group's successful raising of $1,035,000,000 five-year syndicated loan facility, the proceeds of which will be applied towards the repayment of the $1.25 billion sukuk issued by its financing subsidiary, Dubai Sukuk Centre, due June 13, 2012; and (b) Moody's belief that the Dubai government is likely to provide any additional support needed to effect repayment of the maturing sukuk.

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