Jebel Ali Free Zone credit rating downgraded

28 September 2010

Standard and Poor’s cites uncertainty over its role in the debt restructuring of parent Dubai World

Dubai’s Jebel Ali Free Zone’s (JAFZ) credit rating has been downgraded by Standard and Poor’s (S&P), citing uncertainty over its role in the debt restructuring of parent Dubai World. The agency downgraded JAFZ’s debt rating to ‘B’ from ‘B+’ after placing it under “negative implications” in November last year. S&P also cited the “challenge” arising from the refinancing of JAFZ’s AED7.5bn ($2.04bn) Islamic bond in November 2012.

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