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S&P slashes DP World rating to junk status New York, Dec 3: International ratings agency Standard & Poor's said it had cut the credit ratings of six Dubai government-linked companies, including ports operator DP World, to junk status. S&P said it had taken the move after the likelihood of extraordinary support from the Dubai government appeared "low" after the emirate indicated it would not guarantee the debt of Dubai World, its flagship conglomerate. The six Dubai government-related entities (GREs) lowered to junk status were DP World, DIFC Investments, Jebel Ali Free Zone, Dubai Multi Commodities Centre Authority, Dubai Holding Commercial Operations Group and Emaar Properties PJSC. Their credit ratings remain under surveillance and could be downgraded further, the agency said. S&P said it does not rate Dubai World or Nakheel, its property arm hammered in the global economic and financial crises. The Dubai government rocked global financial markets by announcing a week ago that the emirate-controlled Dubai World was seeking a six-month standstill on credit payments. Investors subsequently were alarmed when the head of the Dubai finance department said the government never intended to guarantee Dubai World's USD 59 billion in debt, the lion's share of the city state's obligations totalling USD 80 billion. Back |
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