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.