WRAPUP 2-Dubai hit by rating blow, refinancing warning

DUBAI, Jan 25 (Reuters) – Standard & Poor’s pulled its rating on a
top Dubai company on Monday and the emirate’s global ports group voiced
fears over long-term financing, adding to investor anxiety about the
Gulf Arab state.

The ratings agency cut Dubai Holding Commercial
Group (DHCOG), a unit of major investment vehicle Dubai Holding, to B
from BB+ and then withdraw the rating altogether in a fresh blow to the
emirate’s financial reputation. [ID:nLDE60O0Z1]

“It was
certainly a very severe note, and seems to lend credence to the doubts
that have been expressed about Dubai Holding for some time,” said David
Butter, director for the Middle East and North Africa at Economist
Intelligence Unit, in London.

Dubai rocked global markets on
Nov. 25 when it sought a debt delay on $26 billion linked to its
flagship conglomerate, Dubai World [DBWLD.UL]. [ID:nLDE60O031]

chief executive of DP World , a subsidiary of Dubai
World, warned on Monday that “going forward … liquidity is a problem.”

company said that Sharaf’s remarks referred to general access to
capital and the credit situation regionally, and not the company’s
liquidity specifically. [ID:nLDE60O031]

In a sign of the wider
impact of Dubai’s debt woes, the founder of Kuwait’s Global Investment
House said its de… >>>

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