EW View: The Middle East’s big problem is opacity — not S&P

Standard & Poor’s has got it in the neck for downgrading state-owned companies in the Gulf. This is unfair on the agency. Instead, the onus should be on the region’s governments to make known their intentions about government-related entity debt well in advance.

  • 07 Jul 2009

Last week Standard & Poor’s came under fire when it downgraded three of Dubai’s government-owned companies and cast doubt about the ability of other such entities in the Middle East to repay their debt.

Bankers in the region reacted harshly, saying that regional governments had proved time and again ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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1 Citi 81,261.11 236 11.54%
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4 JPMorgan 53,570.42 158 7.61%
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