Dubai said Wednesday it has no plans to restructure billions of dollars of state-linked debt next year, in an apparent effort to quiet suggestions it is facing new financial difficulties.
The statement issued by the emirate’s official media office followed media reports and assessments by credit rating firm Moody’s Investors Service a day earlier that renewed questions about Dubai’s ability to tackle its more than $100 billion pile of debt.
Moody’s estimates Dubai and its government-backed companies have some $13.8 billion in bank and bond debt coming due before the end of next year. The rating firm raised particular concerns about the financial sustainability of three companies that owe a combined $3.8 billion in 2012.
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