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Article: Credit rating of top UAE institutions downgraded.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- September 26, 2009
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MANAMA: Fitch Ratings has downgraded the credit rating of some major UAE institutions.
It has done so in the belief that the UAE Federal Authorities and Dubai's ability to provide support has weakened.
The rating agency still gives these institutions very strong credit ratings, because of government support. But it is not as strong as it was a year ago.
Fitch has downgraded the Long-term Issuer Default Ratings (IDR) of seven UAE-based financial institutions.
And the agency has also taken rating actions on two Dubai companies - Dubai Holding Commercial Operations Group (DHCOG) and Dubai Electricity and Water Authority (Dewa) and against ...