Monday 2 February 2009

Moody's may downgrade 6 Dubai-backed companies

DUBAI, United Arab Emirates: A leading credit agency says it may cut its ratings for some of Dubai's most prominent state-backed companies, putting pressure on the Middle East boomtown as it grapples with the financial slump.

Moody's Investors Service said in an e-mail Monday it is reviewing the ratings of six companies affiliated with the city-state and its ruler. The companies are Dubai Holding Commercial Operations Group, DP World, DIFC Investments, Dubai Electricity & Water Authority, Jebel Ali Free Zone and Emaar Properties.

The rating firm says the move is mostly motivated by a weakening economic outlook in Dubai.

It adds that the Persian Gulf city-state has been hit harder by the global meltdown than other economies in the region.

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