Moody's Investors Service has placed the ratings of government-related issuers (GRIs) in the UAE on review for possible downgrade. This includes all GRI's that are owned by either the federal UAE government, or the government of Abu Dhabi. The review was prompted by a need to re-validate, and possibly reconsider our support assumptions following Dubai's recent decision to explicitly segregate its direct obligations from those of its GRIs, following which a decision was subsequently made to pursue a debt restructuring at Dubai World.
The Long Night is Coming
6 months ago