Nov 24 2010 |
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Fitch may downgrade DHCOG
Decision is expected within the next few months, says ratings agency
Currently, DHCOG is on Rating Watch Negative (RWN) which Fitch Ratings aims to resolve within the next few months and could result in downgrade.
DHCOG 's Long-term Issuer Default Rating (IDR) and senior unsecured 'B+' ratings, respectively were maintained on RWN on Tuesday.
Fitch said DHCOG 's management has confirmed to it that Dubai Holding unit is ring-fenced from the reported restructuring at the investment arm. The company has also confirmed that it still has access to funds from the Dubai Financial Support Fund for drawdown, the availability of which is a contributory factor to Fitch's one-notch uplift from DHCOG 's 'B' standalone rating.
Resolution of the RWN will be contingent upon the receipt and review of DHCOG 's revised business plan, confirming the group's ongoing ability to generate cash flow and retain adequate liquidity. The removal from RWN will also be contingent upon DHCOG successfully refinancing its $555m RCF facility, which will contribute positively to a more manageable maturity profile over the medium term, or obtaining additional government funds to repay the facility.
© Emirates 24|7 2010
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