Prompted by the news that Dubai Holding Commercial Operations Group (DHCOG) will stick to its loan repayment commitments, leading credit rating agencies have upgraded its ratings.
Moody's Investors Service yesterday affirmed DHCOG Corporate Family Rating (CFR) at B2 and upgraded its Probability of Default Rating (PDR) and the ratings for multi-currency debt instruments issued by Dubai Holding Commercial Operations MTN Limited to B2.
Late last year, rating agency Moody's had warned that three Dubai government-related entiries (GREs) such as DHCOG was likely to face refinancing risks. DHCOG had responded by saying that it would meet its debt obligations and repay the maturing debt.
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