Standard & Poor's has concluded its review of Dubai-based government-related entities, which has resulted in various rating actions.

DUBAI (Standard & Poor's) June 30, 2009--Standard & Poor's Ratings Services said today that it has revised its ratings on several Dubai-based government-related entities (GREs) that had been on CreditWatch with negative implications since April 30, 2009. 

We have downgraded DP World Ltd., Jebel Ali Free Zone (FZE), and Dubai Multi Commodities Centre Authority, and affirmed the ratings on DIFC Investments LLC and Thor Asset Purchase (Cayman) Ltd. Please see "Ratings List" below for full details of the rating actions.

The rating actions reflect Standard & Poor's reappraisal of the likelihood of extraordinary financial support by the Government of Dubai to its GREs to ensure the timely repayment of their financial obligations. This reappraisal is the result of increased uncertainty regarding the government's willingness to provide such support to Nakheel (unrated), a key GRE with sizable repayments coming due at the end of this year (see   published on RatingsDirect on April 30, 2009). 

The rating actions also reflect our view of the stand-alone credit profiles of the entities, which in certain instances, we consider to have deteriorated. 

In addition, the rating actions reflect the revision of Standard & Poor's methodology and assumptions for rating GREs. Standard & Poor's updated criteria are detailed in the article   published June 29, 2009.

The changes to our criteria are designed to achieve a more granular analysis of the range of GREs across sectors and regions. We believe these changes will provide more transparency in our rating approach. 

Updated reports on each of the affected entities will be published shortly.

The ratings on Dubai Holding Commercial Operations Group LLC (DHCOG) remain on CreditWatch with negative implications, while the CreditWatch implications for the ratings on Emaar Properties PJSC were revised to developing, following announcements on June 26 of a possible merger between the DHCOG's three property development companies and Emaar (see   and   both published on June 29, 2009, on RatingsDirect).
 
RELATED RESEARCH
• June 29, 2009.
• Principles Of Corporate And Government Ratings, June 26, 2007.
 
TELECONFERENCE
Standard & Poor's will hold a teleconference on Tuesday, June 30, 2009, at 12.30p.m. BST, 3.30p.m. UAE time, 1.30p.m. CET.
 
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Replay will be available until July 13, 2009    

RATINGS LIST
To From Affirmed; CreditWatch Action
 
Issuer credit rating

A/Negative/A-1 A/Watch Neg/A-1   Thor Asset Purchase (Cayman) Ltd.
Senior secured debt rating

A                        

A/Watch Neg
Gold Sukuk dmcc
Senior unsecured debt rating

BB                       

A-/Watch Neg   Downgraded; CreditWatch Action
DP World Ltd.
Jebel Ali Free Zone (FZE)
JAFZ Sukuk Ltd.

Issuer credit rating

BBB+/Negative/A-2 

A/Watch Neg/A-1   Dubai Multi Commodities Centre Authority

Issuer credit rating

BB/Stable/B              

A-/Watch Neg/A-2

N.B.--This does not include all ratings affected.       

-Ends-

Standard & Poor's, a subsidiary of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research and data. With offices in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.

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© Press Release 2009