Credit rating agency Moody's is still cautious on Gulf Arab corporates as political turmoil weighs on the region despite a broader recovery underway currently, it said in a report on Monday.
Moody's said the wave of ratings downgrade seen during the peak of the financial crisis in the Gulf markets has abated even though moderate pressure is likely to be seen in 2011.
"The risk of downgrades remains highest for lower-rated issuers, typically in the non-investment-grade spectrum, due to their need to refinance upcoming debt maturities and in some cases continue restructuring their real estate exposures," David Staples, managing director for corporate finance for Moody's said in the report.
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