Publication Date:
Tue, 2011-12-06 17:11
The rating agency said three debt-laden companies — Dubai Holding Commercial Operations Group, Jebel Ali Free Zone and DIFC Investments — "face refinancing risks" as they tackle a combined $3.8 billion of debts due next year.
Dubai's severe credit problems plunged the emirate into financial crisis two years ago.
Moody's estimates Dubai and its state-linked firms still owe $101.5 billion.
That is despite $20 billion in bailout funds from neighboring Abu Dhabi and Dubai's successful efforts to retool the terms on tens of billions of debt.
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