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Monday, 15 March 2010
Dubai’s DHCOG to Avert Restructuring, JPMorgan Says
Dubai Holding Commercial Operations Group LLC, the investment company owned by Dubai’s ruler, will avoid debt restructuring as its balance-sheet and cash-flow profile appear “sufficiently strong,” JPMorgan Chase & Co. said.
“The company’s contractors, despite being owed a substantial amount of money, are likely not in a position to trigger a default,” Zafar Nazim, a London-based analyst at the bank, wrote in the report dated March 12. “We do not expect DHCOG to go through a restructuring.”
JPMorgan maintained its “overweight” rating on all DHCOG’s bonds with a preference for the 6 percent notes due 2017. “We are comfortable with the company’s ability to refinance its $555 million revolver, due July 2010, although terms under refinancing are expected to be unfavorable compared to those in the existing facility.”
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