Monday 27 September 2010

S&P cuts Dubai free zone's credit rating | Reuters

Standard & Poor's downgraded Dubai's Jebel Ali Free Zone's (JAFZ) credit rating on Monday, citing uncertainty over its role in the debt restructuring of parent Dubai World. [ID:nWLA3880]

State-owned Dubai World [DBWLD.UL] this month obtained near-unanimous agreement from its bank creditors to restructure almost $25 billion in debt, which analysts said eased market uncertainty. [ID:nLDE6890IT]

The agency downgraded JAFZ's debt rating to B from B+ after placing it under "negative implications" in November last year. S&P also cited the "challenge" arising from the refinancing of JAFZ's 7.5 billion UAE dirham ($2.04 billion) Islamic bond in November 2012.

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