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S&P retains DMCC stable rating |
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12/4/2008 10:55:36 AM |
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Global ratings agency Standard & Poor's (S&P) yesterday reaffirmed its "A" long-term and "A-1" short-term foreign and local currency ratings on the Dubai Multi Commodities Centre (DMCC).
The centre's strong operational ties with the Government of Dubai are crucial to its long-term role in the economic development of Dubai, S&P said.
"DMCC is expected to play an increasingly important role in Dubai's economic development in the next few years, both through free zone activities, and through development of other projects and brands, such as the Business Park and hotels at Jumeirah Lake Towers," the agency said in a statement.
At the same time, it reaffirmed its "A" senior unsecured debt rating on the $200 million (Dh735m) floating rate trust certificates (Sukuk Al Musharaka), due in May 2010, issued by Gold Sukuk DMCC.
The outlook on all ratings is stable.
Ahmed bin Sulayem, Executive Chairman, DMCC, said: "Despite turbulent times in the global financial markets, DMCC has maintained its credit soundness by continuously developing and growing our commodities portfolio. We have undertaken various initiatives such as commodity-backed investments, encouraging the soft commodity trade and developing exchange traded funds to further position Dubai as a centre for the global commodity trade."
DMCC recently relocated to its own offices at Almas Tower, a 65-floor tower located within the Jumeirah Lakes Towers development. Almas Tower is now poised to represent the new growth engine for commodity trade in Dubai. |
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Source: Business24-7.ae |
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