Moody’s Dubai World concerns ease

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Moody’s said on Wednesday its concerns over possible contagion from Dubai World, the troubled conglomerate, to DP World, the port operator that Dubai World owns, had been alleviated.

The ratings agency confirmed DP World’s ratings, which were downgraded to Ba1 in December with a review for a possible further downgrade after Dubai World surprised markets by announcing its intention to restructure its debts.

Dubai World, one of the government’s biggest holding companies, last month presented its restructuring proposal on more than $24bn in debt. DP World has been so far “ringfenced” from the broader restructuring, which is focusing on the holding company and development arm Nakheel.