S&P downgrades two Dubai property giants to junk status
Emaar Properties and DIFC Investments are cut to BB+ by ratings agency on expectations the economy will shrink in 2020
10 July 2020 - 15:56
London — S&P Global Ratings has warned that Dubai’s economy is set to shrink 11% this year, as it cut the credit ratings of two of the emirate’s biggest property firms to junk status.
Dubai, the Middle East’s trade and tourism hub, has been hit hard by coronavirus-containment measures and is set for an economic contraction almost four times worse than during the global financial crisis in 2009, S&P said...
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