Dubai Slowdown Prompts S&P to Lower Ratings of Two State Firms - Bloomberg:
Dubai’s economic slowdown has prompted S&P Global Ratings to cut the credit ratings of two government-related companies.
S&P lowered the rating of Dubai Electricity & Water Authority, the emirate’s utility monopoly, by one level to BBB, two steps above junk, with a negative outlook. It also downgraded DIFC Investments LLC, which owns properties in Dubai’s tax-free financial center, to BBB- with a stable outlook.
“Credit conditions in Dubai have deteriorated, which we believe affects the government’s likely ability to provide extraordinary financial support to its government-related entities if needed,” the rating company said.
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