Downgrades for Dubai GREs over state support worry

Concerns about Dubai’s government-related entities were reawakened on Tuesday when Standard & Poor’s downgraded three of them and cast doubt about the state’s willingness to help them repay their debt.

  • 30 Jun 2009

DP World and Jebel Ali Free Zone (Jafza) were downgraded from A to BBB+, while Dubai Multi Commodities Centre Authority fell five notches from A- to BB.

The moves were a response to concerns that Dubai’s rulers will not support Nakheel, the state-owned property group that has a $3.5bn ...

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