Fitch Ratings has today downgraded Dubai Holding Commercial Operations Group LLC’s (DHCOG) Default Rating and senior unsecured rating to ‘B+’ from ‘BB.’ Both ratings remain on negative rating watch. The rating action reflects Fitch’s amended rating approach for DHCOG. The agency now rates DHCOG on a stand-alone basis rather than a top down parent and subsidiary basis. This is due to a continuing lack of substantive information on the government’s ability to support the group in case of need.
