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FINANCIAL NEWS
S&P says Dubai’s DIFCI must raise USD900m
02 Feb 2012
(MENAFN) Standard & Poor’s Ratings Services said that DIFC Investments (DIFCI) would have to raise more than USD900 million in order to meet its debt maturities in 2012, reported Emirates 24/7.
The agency added that if DIFCI was able to raise new debt to repay the sukuk and to refinance existing bank loans at reasonable cost, and if it makes good progress in the disposal of non-core assets, then S&P could revise the company’s outlook to stable.
It also said that the Dubai government might provide timely and sufficient support to DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), to make sure that it would meet its debt obligations on time and in full.
It is worth noting that as a result of further postponements in asset disposals and a reassessment of the likely magnitude and timing of disposal proceeds, S&P downgraded its assessment of DIFC Investments’ stand-alone credit profile to CCC- from CCC+.
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