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Moody's cuts ratings of five Dubai firms
- United Arab Emirates: Wednesday, November 04 - 2009 at 16:56
Moody's Investors Service today lowered the credit rating of five Dubai-owned companies, citing tougher government criteria for supporting state-controlled entities. DP World, Dubai Electricity & Water Authority, and DIFC Investments had their ratings cut to A3 from A1. Jebel Ali Free Zone was downgraded to Baa1 from A3, while Dubai Holding Commercial Operations Group, had its ratings lowered to Baa1 from A3. 'The downgrades reflect recent disclosures that reveal the increasing conditionality under which support may be provided,' Dubai-based Philipp Lotter and London-based David Staples wrote in a report. The criteria include whether the government-owned companies 'are able to demonstrate sustainable business plans, the on-going support of their existing financial creditors, and realistic prospects of fulfilling their repayment obligations,' they added.
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StaffWednesday, November 04 - 2009 at 16:56 UAE local time (GMT+4)
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