Dubai Holding Commercial Operations Group LLC on Monday dropped Standard & Poor’s as its rating company because of a “lack of understanding of the business, its operations and relationship with the Government of Dubai.”
“Dubai Holding Commercial Operations Group (DHCOG) drops Standard and Poor’s (S&P) as rating agency due to its lack of understanding of the business, its operations and relationship with the Government of Dubai.
“Although DHCOG has been engaging with S&P and sharing adequate information frequently and in a transparent manner, S&P has nevertheless issued inaccurate statements coupled with factual errors that are misleading.
“Therefore, DHCOG discredits and disagrees with the content of the latest S&P report dated 25 January 2010,†Dubai Holding Commercial said in a statement to Nasdaq Dubai on Monday.
In a statement posted on Nasdaq Dubai, the company said it made a $828,650 payment on a $500 million floating rate medium term note due on February 1, 2012; a EUR35.6 million payment on a EUR750 million medium term note due on January 30, 2014; and a GBP30 million payment for a GBP500 million note due February 1, 2017.
