Fitch Ratings has revised the outlook on Dubai Holding Commercial Operations Group to stable after the Dubai Holding unit announced it had repaid a $500m bond.
The rating agency changed DHCOG's outlook from negative, saying it reflected the company's "good progress" with its non-core asset disposal programme, better than expected operating performance and reduced leverage in some sectors.
DHCOG, which owns the Jumeirah hotel chain and other investments, including a division that runs many of Dubai’s free-trade zone business parks, announced on Wednesday the full repayment of the bond which was due on February 1.
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