Moody's downgrades Jafz to B2; negative outlook (UAE) - Money - Zawya

Moody's Investors Service has today downgraded by one notch to B2 from B1 the long-term foreign and local currency issuer ratings of Jebel Ali Free Zone FZE ("Jafz") and converted them into a corporate family rating (CFR) and a probability of default rating (PDR), in line with Moody's policy for non-investment-grade corporate issuers. The downgrade to B2 also applies to the AED7.5 billion trust certificates that are due in November 2012 and issued by JAFZ Sukuk Limited. The outlook on all ratings is negative.