S&P downgrades DP World, JAFZA ratings
Credit rating agency Standard & Poor's downgraded its rating of three key Dubai entities, including terminal operator DP World and the Jebel Ali Free Zone Authority, the Associated Press reported this week.
Also downgraded was the Dubai Multi Commodities Center Authority. All three state-owned agencies and companies had been on S&P's credit watch with negative implications since the end of April.
'The rating actions reflect Standard & Poor’s reappraisal of the likelihood of extraordinary financial support by the government of Dubai to ensure the timely repayment of their financial obligations,” the ratings agency said in a statement.