close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

S&P FAQ Answers Queries On Dubai Gres’ Debt Maturities In 2012

"Risks linked to the weakening global economic outlook, the Arab Spring, and volatile equity and bond markets have raised concerns as Dubai GREs face large debt maturities and refinancing needs next year," said Standard & Poor's credit analyst Tommy Trask.

0

December 26, 2011 12:18 by



Although the Dubai economy is beginning to bounce back, rated Dubai government-related entities are up against significant risks, said Standard & Poor’s Ratings Services in a report, “Dubai Government-Related Entities Face Debt Maturities And Refinancing Issues In 2012,” published today on RatingsDirect on the Global Credit Portal.

“Risks linked to the weakening global economic outlook, the Arab Spring, and volatile equity and bond markets have raised concerns as Dubai GREs face large debt maturities and refinancing needs next year,” said Standard & Poor’s credit analyst Tommy Trask.

Standard & Poor’s rates five Dubai-based companies that it considers to be GREs under its criteria: Dubai Electricity and Water Authority, DP World Ltd. ,Emaar Properties PJSC, DIFC Investments LLC, and Jebel Ali Free Zone (FZE). In our ratings, we factor in our view of the likelihood and extent of any extraordinary support that the Dubai government would provide to these GREs in the event of their financial distress. The results range from no uplift for DP World and Emaar to three notches of uplift for DEWA and DIFC Investments (see table).

We have received several questions from investors and market participants about the likelihood of government support and how we factor it into our ratings on these GREs. Here, we answer those questions.

– What are the main risks that Standard & Poor’s sees for the Dubai-based GREs it rates?

– How does Standard & Poor’s view the recent statements that Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai’s Supreme Fiscal Committee, made on potential debt restructuring?

– When does Standard & Poor’s consider debt restructuring as tantamount to a default?

– How does Standard & Poor’s factor government support and ownership into its ratings on Dubai-based GREs?

– What is the time frame for the current negative and positive outlooks on the Dubai-based GREs that Standard & Poor’s rates?

– How does Standard & Poor’s view the default probability on bonds and sukuk compared with that of bank loans and trade related liabilities?



0

Tags: , ,

Leave a Comment