Dubai Holding Commercial ratings cut at Fitch; outlook negative

Market prospects have deteriorated further, especially for Dubai Property Group ops, ratings agency says
Dubai Holding Commercial ratings cut at Fitch; outlook negative
FITCH RATINGS: DHCOG had its long-term issuer default rating and senior unsecured rating lowered to ‘B’ from ’B+’ at Fitch Ratings (Getty Images)
By Bloomberg
Wed 16 Feb 2011 03:51 PM

Dubai Holding Commercial Operations Group, a real-estate and hospitality group owned by the emirate’s ruler, had its long-term issuer default rating and senior unsecured rating lowered to ‘B’ from ’B+’ at Fitch Ratings.

The outlook was changed to negative from watch negative.

“The rating actions reflect Fitch’s review of DHCOG’s business plan, leverage, operating results, liquidity and financial flexibility,” the rating agency said in an e-mailed statement on Wednesday.

“Fitch expects that the market prospects have deteriorated further, especially for Dubai Property Group operations.”

Dubai Holding Commercial Operations Group, through its
subsidiaries, primarily engages in real estate development operations.

The company develops and manages commercial, residential, and mixed-use
real estate projects. It also operates hotels, resorts, serviced
apartments, restaurants, and an academy for hospitality management.

The company was founded in 2006 and is based in Dubai.

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