Monday, 25 January 2010
S&P pulls Dubai Hldg unit rating, cites weak cash
Standard & Poor's on Monday withdrew its rating on a unit of Dubai Holding, which is owned by the ruler of Dubai, saying the division's cash position was "materially weaker" than it expected.
The ratings agency cut Dubai Holding Commercial Operations Group (DHCOG) to B from BB+ and said it opted to withdraw it due to a lack of timely information and documents, renewing scrutiny over the financial health of the emirate.
Dubai rocked global markets on Nov. 25 when it asked for a delay in repaying $26 billion in debt linked to its state-owned Dubai World conglomerate and its property units.
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