Standard & Poor's, a leading global rating agency, said that the Dubai government has "a clearer strategy and greater confidence" on which government related entities, or GRES, it should support with public funds.
Ratings agency, which last week rendered a blow to emerging Asian economic powerhouse India by projecting a negative outlook on its economy, said "market confidence in the Dubai government's ability to support remaining GREs in need has increased, in our opinion, given the track record of recent successful restructurings and the government's issue last week of a $1.25 billion sukuk.'
Positive projections on Dubai is in sharp contrast to its earlier outlook on the emirate given in December 2011, when it warned that Dubai GREs are "up against significant risks, although the Dubai economy is beginning to bounce back."
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