26 August 2010
Dubai's Department of Finance has no immediate plans to seek a credit rating before it embarks on a debt roadshow to Asia, according to Reuters reports.
"Dubai does not currently have plans to seek a credit rating," a spokes-woman for the Dubai Department of Finance said. The roadshow, which was annou-nced by the department earlier this week sparked speculation from analysts that Dubai might issue sovereign debt before the end of the year.
Mohammed Ali Yasin, chief exec-utive officer at Shuaa Securities told 7DAYS that the possibility of a sovereign bond being issued by Dubai is a sign of recovery of the Emirate's economy.
"What is encouraging is that after a period where a lot of that activity has stopped is that [Dubai] has a good story to tell about their ability and about the recovery since the recov-ery," said Yasin adding however that a bond issuance is unlikely this year.
Dubai's Department of Finance has no immediate plans to seek a credit rating before it embarks on a debt roadshow to Asia, according to Reuters reports.
"Dubai does not currently have plans to seek a credit rating," a spokes-woman for the Dubai Department of Finance said. The roadshow, which was annou-nced by the department earlier this week sparked speculation from analysts that Dubai might issue sovereign debt before the end of the year.
Mohammed Ali Yasin, chief exec-utive officer at Shuaa Securities told 7DAYS that the possibility of a sovereign bond being issued by Dubai is a sign of recovery of the Emirate's economy.
"What is encouraging is that after a period where a lot of that activity has stopped is that [Dubai] has a good story to tell about their ability and about the recovery since the recov-ery," said Yasin adding however that a bond issuance is unlikely this year.
© 7Days 2010
