S&P: Several Dubai Government-Related Entities Downgraded

Press Release

Several Dubai Government-Related Entities Downgraded And On Watch Negative Following
Debt Restructuring Announcement

DUBAI (Standard & Poor's) Nov. 25, 2009--Standard & Poor's Ratings Services said it
had taken rating actions on a number of Dubai-based government related entities
(GREs) and transactions (for full details see "Ratings List" below). Standard &
Poor's has downgraded DIFC Investments LLC, DP World Ltd., Jebel Ali Free Zone
(FZE), Dubai Holding Commercial Operations Group LLC (DHCOG), and Emaar Properties
PJSC. All of these entities have been placed on CreditWatch with negative
implications. The ratings on Dubai Multi Commodities Centre Authority (DMCC) were
affirmed, although they were placed on CreditWatch negative. A CreditWatch negative
placement also applies to the notes issued by Thor Asset Purchase (Cayman) Ltd.
(Thor), which are securitized by cash flows from a revolving pool of existing and
future receivables originated by Dubai Electricity and Water Authority (DEWA; not

The rating actions are the result of the announcement on Nov. 25 of the
restructuring of the debt obligations of Dubai World and its subsidiary, Nakheel. In
our view, such a restructuring may be considered a default under our default
criteria, and represents the failure of the Dubai government (not rated) to provide
timely financial support to a core government-related entity.

This has led to a downward reassessment of our view of the propensity of the
government of Dubai to support its GREs, resulting in multiple-notch downgrades on
several rated GREs, in accordance with our enhanced criteria for rating GREs (see
"Related Research" below).

The risk of a restructuring and/or default at Nakheel had previously led us to
reassess the likelihood of government support, leading to downgrades in June 2009.
In October 2009, we reiterated our view that government support would need to be
revisited in the event of a default at Nakheel (see "Related Research" below).

We will resolve the CreditWatch placement on the rated GREs and Thor upon a review
of the full impact on rated GREs of the Dubai World and Nakheel restructuring
announcement. We expect this to be complete within the next three months.


Enhanced Methodology And Assumptions For Rating Government-Related Entities, June
29, 2009

What Factors May Affect S&P's View Of The Likelihood Of Extraordinary Government
Support For Dubai-Based GREs? Oct 15, 2009


Downgraded/Ratings affirmed/CreditWatch Action

To From

Issuer credit ratings

DIFC Investments LLC

BBB-/Watch Neg/A-3 A/Negative/A-1

DP World Ltd.

Jebel Ali Free Zone (FZE)

BBB-/Watch Neg/A-3 BBB+/Negative/A-2

Dubai Holding Commercial Operations Group LLC (DHCOG)

BBB+/Watch Neg/-- A/Watch Neg/--

Emaar Properties PJSC

BBB-/Watch Neg/-- BBB+/Watch Dev/--

Dubai Multi Commodities Centre Authority (DMCC)

BB/Watch Neg/B BB/Stable/B

Thor Asset Purchase (Cayman) Ltd. (Thor)

Senior secured*

A/Watch Neg A

*Support by Emirate of Dubai and Dubai Electricity and Water Authority

N.B.—This list does not include all ratings affected.

Complete ratings information is available to RatingsDirect on the Global Credit
Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at
www.ratingsdirect.com. All ratings affected by this rating action can be found on
Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings
search box located in the left column. Alternatively, call one of the following
Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press
Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4011.

Press Office Contacts:
London: +44 20 7176 3605
Dubai: +971 4709 6830

Paris: +33 1 44 20 6740
Frankfurt: +49 69 33999 225
Milan: +39 02 72 111 245
Madrid: +34 91 389 6944
Moscow: +7 495 783 4011
Stockholm: +46 8 440 5914

About Standard & Poor’s in the Gulf Cooperation Council

Standard & Poor's is the leading provider of financial market intelligence to
customers in the Gulf’s credit risk management, wealth management, and data and
information markets. Since entering the region in the early 1990’s, Standard &
Poor's has become the largest provider of credit ratings in the G.C.C, rating 114
issuers. In equity markets, Shariah-compliant versions of Standard & Poor’s global
and regional equity market indices - S&P 500, S&P Europe 350, S&P Japan 500 and
S&P/IFCI GCC - have created new opportunities for Islamic investors to benchmark
their international investments and for asset managers to create new investment
products serving the Islamic community. Standard & Poor’s Fund Services launched a
qualitative fund management rating service for regional asset managers in 2007. For
further details on Standard & Poor’s regional capabilities please visit

Update Profile:
If you would like to update your information (telephone number, email address,
company, etc.) or change the sectors you receive press releases on, please click
here [mailto:Media_Europe@standardandpoors.com].


Privacy Notice

Terms of Use

Copyright © 2009 Standard & Poor's, Financial Services LLC, a subsidiary of The
McGraw-Hill Companies. All rights reserved.

If you do not wish to receive any more promotional e-mails from Standard &
Poor's, please click here to unsubscribe: