Dubai refinancings boosted by bond issue

The refinancings of several facilities for Dubai-based borrowers, including one for the Department of Civil Aviation, are progressing through the market and picking up commitments, despite residual worries about Dubai credit risk. These were reflected today (Tuesday) in the one notch downgrade of six Dubai government-related entities by Standard & Poor’s, although both the rating agency and loans bankers insisted that worries about refinancing risk in the emirate had subsided.