Dubai Holding assigned positive ratings by top global credit agencies
Dubai Holding assigned positive ratings by top global credit agenciesJanuary 13, 2007
DUBAI, 13 January 2007: Dubai Holding Commercial Operations Group LLC (DHCOG) has been assigned positive credit ratings 'A+', 'A1' and 'AA-' by the world's three leading credit agencies.
The ratings from Standard & Poor's (S&P), Moody's Investors Service, and Fitch are the first given to the group and reflect its robust performance globally.
Dubai Holding Commercial Operations Group is a wholly owned subsidiary of Dubai Holding LLC (DH) and incorporates all the non-financial investment subsidiaries of the group including Jumeirah, Dubai Properties, Tecom, Tatweer and Sama Dubai.
Fadel Al Ali, Chief Financial and Operating Officer, Dubai Holding said: "We are delighted with this set of results. The ratings signify long-term stability of the company. We have sustained vigorous business and revenue growth while maintaining asset quality, testifying the strength of all our business units that comprise the group.
"In the future, we will continue enhancing the operating performance through initiatives that are designed to grow revenues and improve operational efficiency."
Standard & Poor's 'A+' credit rating reflects the group's significant role in the economic development of Dubai. It also reflects the group's well-established market position, good cash flows, low debt leverage and strong asset base.
In its first evaluation of DHCOG, Moody's 'A1' rating endorses the group's intrinsic financial strength and the credit enhancement derived from Dubai's financial stability. It also validates the group's strategic responsibility in undertaking various large-scale infrastructure and investment projects.
The Fitch 'AA-' rating reflects DHCOG's ownership and strategic position in the development of Dubai as a commercial/business and tourism/leisure hub.
The largest and the most holistic group in the Middle East, Dubai Holding has a strong foothold in 11 industries, developing and launching pioneering initiatives spanning numerous sectors. With most of the existing projects moving ahead rapidly, Dubai Holding continues to research, identify and execute new projects that will benefit not just the UAE, but also the region as a whole.