Standard & Poors on Thursday placed six government-related entities on review for a possible downgrade as it raised doubts about Dubai’s willingness to support all its companies as they deal with the emirate’s debt pile.
The ratings agency said it had started the review as Nakheel, an unrated government-owned offshore developer, is considering restructuring part of its $3.5bn Islamic bond that matures in December.
”The possibility of a restructuring is enough for us to review all government-related entities,” said Farouk Soussa, S&P credit analyst.
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