Tuesday, Dec 06, 2011
DUBAI (Zawya Dow Jones)--Dubai Holding Commercial Operations Group, or DHCOG, a unit of one of the emirate's investment holdings, will repay a $500 million bond maturing in February 2012 from its own internal cash flow, a spokesperson said Tuesday.
"DHCOG will repay the $500 million bond when it matures in Feb 2012, from its own internal cash flow," the DHCOG spokesperson said in an emailed statement.
Ratings agency Moody's earlier Tuesday said DHCOG is one of three entities in Dubai that face refinancing risks and that may experience ratings volatility as they move closer to next year's debt maturity dates.
DHCOG is the real estate and hospitality arm within the business empire owned by Dubai's ruler Sheik Mohammed bin Rashid Al Maktoum.
DHCOG said its operating liquidity and capital adequacy remain good and that it has a "healthy revenue stream from its diverse portfolio of income generating assets, held by its hospitality, business parks and real-estate companies."
The group added that is has no plans "to refinance or restructure its outstanding loan commitments and remains committed to meeting all its financial obligations as and when they fall due."
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
06-12-11 1248GMT
