DP World, Dubai Multi Commodities Ratings Cut by S&P (Update1) - Bloomberg.com
DP World Ltd., Dubai Multi Commodities Centre and Emaar Properties PJSC had their credit ratings cut by Standard & Poor’s, which said the state-owned companies are unlikely to receive “extraordinary” support from the government.
DP World, the Middle East’s biggest port operator, and Emaar Properties PJSC, the builder of the world’s tallest tower, were lowered to BB from BB+, S&P said in an e-mailed statement today. Dubai Multi Commodities, the state-owned tax-free business park in the United Arab Emirates, had its credit rating reduced to B from B+.
“We do not incorporate into the ratings on these entities any expectation of extraordinary support from the government of Dubai,” Trevor Pritchard, a London-based analyst at S&P, wrote in the statement.
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