Moody’s Investors Service and Fitch Ratings place the port operator under review for a possible downgrade
Terminal tractors at DP World in Dubai, United Arab Emirates. Picture: REUTERS/ HAMAD MOHAMMED
“This deal reflects the maturity of the government’s decision-making process, which is more measured and balanced than a decade ago,” said Jahangir Aka, MD in the Middle East and Africa for Neuberger Berman. Moody’s Investors Service and Fitch Ratings both placed DP World under review for a possible downgrade, with Moody’s saying “the transaction will weaken the overall credit profile of DP World”. The conglomerate has about $11bn in debt maturing until 2026, according to data compiled by Bloomberg.
The delisting plan comes as Dubai faces the prospect of restructuring a chunk of $23bn in loans to government-related companies maturing at the end of 2021 for a second time, according to Fitch. The UAE has enlisted the help of trusted officials to steer key companies through the drawn-out slowdown, after they pulled the business hub back from the brink of default more than a decade ago.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Development bank slams World Bank claim that it worsens Africa’s debt problemsWe have good governance and transparency and do not lend too quickly, says AfDB
Read more »
Construction industry hails pledge to crack down on building criminalsThe president says specialised units will tackle illegal groups blamed for derailing projects worth billions
Read more »
AYABONGA CAWE: Tackling jobs crisis needs clear post-school pathwaysStatistics show a worrying reality of SA's unemployment trends
Read more »
Why SA doesn’t need a sovereign wealth fund nowWith the government’s debt levels worryingly high and SOEs in dire straits, economists are questioning the wisdom of the president’s proposal
Read more »
South Africans are getting poorer and using debt to liveSouth Africans are getting poorer and are increasingly turning to debt to fill the holes in their budgets.
Read more »
How the coronavirus has infected China IncEconomic slowdown is likely to bite into earnings by 10% to 20% for months and hamper Chinese companies' ability to pay their debts
Read more »