Middle East Economic Survey

VOL. LII

No 28

13-Jul-2009

UAE

Moodys Downgrades JAFZ To A2, Ratings Under Review for Possible Further Downgrade

Moodys Investors Service on 8 July downgraded the foreign and local currency issuer ratings of Jebel Ali Free Zone (JAFZ) and the rating for the JAFZ Sukuk Limited Dh7.5bn ($2.04bn) trust certificates due in 2012 to A2 from A1, and placed the ratings under review for further possible downgrade. The decision was driven by the close commercial relationship...