With the global economy eroding quickly, Moody’s Investors Service said yesterday it is reviewing six prominent Dubai government companies for possible ratings downgrades.
Moody’s said the downturn could hurt the Government of Dubai’s ability to provide financial support, if it were necessary, for the companies: Dubai Holding Commercial Operations Group, DP World, DIFC Investments, Dubai Electricity and Water (DEWA), Jebel Ali Free Zone and Emaar Properties.
The credit ratings agency said its decision to review the ratings was “motivated by the deterioration in Dubai’s macro-economic outlook”. It noted that “Dubai’s open economy has been hit harder by the global economic and financial crisis than most others in the region”.
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