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S & P withdraws rating for a unit of Dubai Holding

The ratings agency said that the Dubai Holding Commercial Operations Group’s liquidity position had deteriorated.

January 25, 2010 3:53 by

Rating agency Standard & Poor’s withdrew its rating on the Dubai Holding Commercial Operations Group (DHCOG) on Monday, reports Reuters.  “We understand from the information we have gathered that cash flow generation for DHCOG is likely to be materially weaker than we initially expected, which in our view significantly deteriorates DHCOG’s liquidity position,” S&P analyst Pierre Georges said in a statement. S&P also said that it was doubtful whether the Dubai government would lend DHCOG support.

The agency had cut the firm’s rating from BB+ to B, but said that it has withdrawn the rating because of “a lack of timely information and documents.”

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