The corporate family rating or CFR of Dubai Holcing Commercial Operations Group was recently upgraded my Moody's Investors Service from B2 to B1. Also, the firm's probability of default rating or PDR was moved from B2-PD to B1-PD.
The service further upgraded the provisional rating of Dubai Holding Commercial Operations MTN Ltd from (P)B2 to (P)B1. The debt instruments issued under the medium term note (MTN) programmed denominated in many currencies have also been upgraded from B2 to B1. It also provided a positive outlook on all ratings for the firm,.
According Moody's Corporate Finance Group analyst Rehan Akbar, "We have upgraded DHCOG's ratings because we believe that the company will be able to fully address its coming debt maturities, including its EUR750 million bond due in January 2014, as a result of its subsidiary Jumeirah Group raising an unsecured USD1.4 billion syndicated loan." Akbar is also the local market analyst for DHCOG.
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