DIFC Investments, part of the group which operates Dubai's tax-free business hub, has begun a $1 billion-plus restructuring plan to divest non-core investments by the end of 2011, ratings agency Standard & Poor's said on Monday.
S&P assigned a negative outlook for the real estate and financial investments group but removed it from its CreditWatch status where it placed the company on November 25.
"Although we view this (restructuring) as a positive step with respect to DIFCI's creditworthiness, we think it involves execution risk," S&P said in a statement.
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