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Wed 5 Feb 2014 11:32 AM

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Moody's withdraws ratings for Burj al Arab parent firm

Agency said Dubai Holding Commercial Operations Group "had stopped participating in the ratings process"

Moody's withdraws ratings for Burj al Arab parent firm
DHCOGs subsidiaries include Jumeirah Group, the hotel group which manages luxury hotels such as the iconic Burj al Arab

Moody's Investors Service has withdrawn all ratings for Dubai Holding Commercial Operations Group, a unit of the ruler of Dubai's fund.

The agency said the company had stopped participating in the ratings process, which prompted the move.

"Moody's has withdrawn the ratings because of inadequate information to monitor the ratings, due to the issuer's decision to cease participation in the rating process," the firm said in a note.

Moody's previously had a B1 corporate family rating for DHCOG and a B1 rating on its February 2017 bond.

DHCOG's subsidiaries include Jumeirah Group, the hotel group which manages luxury hotels such as the iconic Burj al Arab, Dubai Properties Group (DPG), a real estate developer behind Business Bay, Jumeirah Beach Residence and Dubailand and TECOM Investments, which manages a series of free zones in the emirate.

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