NOTWITHSTANDING Dubai World's assurances that its "DP World" unit is beyond the reach of its creditors, rating agencies have downgraded the subsidiary's debt fearing the sickly parent's US$59 billion debt will bring on creditor demands to sell whatever the parent I things go sour in the present crisis.
Now India's credit rating agency Icra has downgraded the ratings assigned to bank facilities of DP World's three subsidiaries engaged in container cargo operations in India, reports India's Financial Chronicle.
This follows Moody's and Standard & Poor's recent moves to downgrade the debt of DP World, together with the debt of various Dubai government related entities including Jebel Ali Free Zone (JAFZ), following the shocking announcement of Dubai World's restructuring.
Moody's downgraded DP World's debt rating from A3 to Baa2 while S&P downgraded its ratings from BBB+ to BBB- on negative CreditWatch.
While India's Icra has downgraded ratings to the term loans of Chennai Container Terminal (CCT) and Nhava Sheva International Container Terminal, it has placed the ratings of loans to three container terminals, Chennai, Nhava Sheva and Mundra, under "watch with negative implications" category, signalling the beginning of impact of Dubai crisis in India.
Source : HKSG, 02.12.09.
Tidak ada komentar:
Posting Komentar