07 July 2008
Fitch Ratings, London/Dubai - Fitch Ratings has today assigned Dubai Holding Commercial Operations MTN Limited's CHF250m 5.25% notes due 14 July 2011 and JPY10bn floating-rate notes due 3 July 2013 (listed below) 'AA-' (AA minus) ratings.
These notes are issued under Dubai Holding Commercial Operations MTN Limited's USD8bn debt issuance programme that is unconditionally and irrevocably guaranteed by Dubai Holding Commercial Operations Group LLC (DHCOG). The programme is rated 'AA-' (AA minus). However, it should be noted that the programme size was revised in June to USD8bn from USD5bn.
DHCOG is effectively 100%-owned by Dubai Holding LLC, which in turn is 97.4%-owned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and ruler of Dubai, 2.5 % by MRSA Investment LLC which is owned by the group's executive chairman who is also a UAE cabinet minister, and 0.1% by His Highness Sheikh Rashid Bin Mohammed Al Maktoum.
- Ends -
About Company:
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
For more information, please contact:
Bashar Al Natoor
Dubai
Tel: +971 4 408 1809
Trevor Pitman
London
Tel: +44 20 7417 4280
Peter Fitzpatrick
London
Tel: + 44 (0)20 7417 4364
Fitch Ratings, London/Dubai - Fitch Ratings has today assigned Dubai Holding Commercial Operations MTN Limited's CHF250m 5.25% notes due 14 July 2011 and JPY10bn floating-rate notes due 3 July 2013 (listed below) 'AA-' (AA minus) ratings.
These notes are issued under Dubai Holding Commercial Operations MTN Limited's USD8bn debt issuance programme that is unconditionally and irrevocably guaranteed by Dubai Holding Commercial Operations Group LLC (DHCOG). The programme is rated 'AA-' (AA minus). However, it should be noted that the programme size was revised in June to USD8bn from USD5bn.
DHCOG is effectively 100%-owned by Dubai Holding LLC, which in turn is 97.4%-owned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and ruler of Dubai, 2.5 % by MRSA Investment LLC which is owned by the group's executive chairman who is also a UAE cabinet minister, and 0.1% by His Highness Sheikh Rashid Bin Mohammed Al Maktoum.
- Ends -
About Company:
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
For more information, please contact:
Bashar Al Natoor
Dubai
Tel: +971 4 408 1809
Trevor Pitman
London
Tel: +44 20 7417 4280
Peter Fitzpatrick
London
Tel: + 44 (0)20 7417 4364
Press Release 2008
