MIDEAST DEBT-Real estate giant's downgrade may increase Dubai financing cost - Reuters:
A downgrade last week of Dubai’s flagship real estate company will likely push up the emirate’s borrowing costs if it decides to refinance $750 million in bonds due in October, bankers and analysts said.
The credit ratings of government-related entities are often seen by investors as a proxy for Dubai, which is not rated by any of the major ratings agencies.
S&P Global Ratings downgraded Emaar Properties, builder of the world’s tallest building, Dubai’s Burj Khalifa, to a BB+ “junk” rating from an investment grade BBB- score, saying it expected a 30%-40% slump in the firm’s earnings this year.
Emaar Malls and DIFC Investments, a unit of the company running Dubai International Financial Centre, the Middle East’s major finance hub, also saw the same rating actions.
No comments:
Post a Comment