Titoli di Stato paesi-emergenti Dubai, le entità "government-related" ed il supporto che potrebbe non arrivare... (2 lettori)

[Imark]

Dubai Holding 2014 oggi gia- a + 11 % ....

Pare infatti che Dubai intenda mettere del cash nella ristrutturazione di Dubai World, ossia quello che resta dell'ultimo aiuto reso disponibile da Abu Dhabi (5,7 mld $) più altri 3,8 mld $ che verrebbero addirittura dal governo di Dubai, ossia in sostanza dagli averi dello sceicco regnante.

Resterebbero da ristrutturare così 14,2 mld $ di debito di Dubai World...

Dubai government bails out emirate's investment fund - Mar. 25, 2010

 

[mago gambamerlo]

mi metto in scia

 

[Imark]

mi metto in scia

Oggi a Stoccarda è arrivato fino a 80, ora ripiega un pelo... se è vero che addirittura lo sceicco di Dubai, per la prima dall'inizio della storia, ci mette dei soldi dei suoi... fino a ieri aveva applicato alle banche il famoso motto ricucciano che non è il caso di ribadire...

 

[suléra]

Ora son tornati tutti amici, anzi, si fanno anche i complimenti....


Dubai World’s Debt Restructuring Plan is ‘Better than Expected’Haseeb Haider

29 March 2010 ABU DHABI — Ministry of Finance Director General Younis Haji Al Khouri has shown his satisfaction over Dubai World’s debt restructuring offer, terming it “better than expected.” “The Dubai government’s offer is better than expected for institutions that have exposure to Dubai World and Nakheel,” Al Khouri told reporters on the sidelines of a conference in the capital.
“It will have a positive impact on banks.”
Al Khouri said that the offer will result in very good effects on local banks, as well as foreign banks and financial institutions.
Last Thursday, Dubai announced that it would spend $9.5 billion to restructure its flagship conglomerate in a plan that offered to repay two key bonds and give lenders their money back in up to eight years.
Estimates of potential exposure of banks to Dubai World have ranged up to $15 billion.
On the issue of pumping more liquidity into the banking system to resume normal lending, Al Khouri said that the banks in the country have sufficient capital reserves to be able to withstand new economic shocks.
He said that there is no need for more liquidity for the nation’s banks and financial institutions.
“Banks have enough capital to face any crisis, if another one happens,” he said.
Al Khouri said earlier this month UAE banks were strong enough to absorb any shock, even from Dubai World’s restructuring, and no capital injection was needed for now.
The global financial crisis resulted in freezing credit markets and choked off lending in the country, leading to defaults as homeowners found it harder to repay their debts.
The UAE government, along with the Central Bank, has been very proactive in tackling the financial crisis, since they introduced a series of regulatory measures to shore up local banks’ balance sheets by setting up several specialised windows for banks and financial institutions to access liquidity in meeting their day-to-day banking operations.
The Ministry of Finance set up a Dh70 billion special facility in October 2008 to inject liquidity into the banking system by bolstering their capital adequacy ratios.
However, banks did not utilise all the funds made available to them, using only Dh50 billion with the remaining Dh20 billion still available at the Ministry, Al Khouri said in a recent statement



Fonte : Al-Kaleej times

 

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Trovato in Marocco il cadavere dello Sceicco Al Nahyan , Fund chief del Abu Dhabi Wealth Fund .

 

[Imark]

Intanto Fitch e le altre agenzie non si schiodano ora nell'assumere la mancanza di supporto governativo reale alle GRE, inclusa Dubai Holding Commercial Opeerations. La sola agenzia governativa che resta IG (BBB-) è Dewa, l'utility che supporta Dubai di elettricità e di acqua, in sostanza assumendosi che lo sceicco non possa spegnere la luce a casa sua...

Fitch: Dubai World Announcement Has No Impact on State-Supported Corporate Ratings in GCC Countries

25 Mar 2010 8:38 AM (EDT)
Fitch Ratings-London/Dubai-25 March 2010: Fitch Ratings has today reiterated that developments surrounding state support for Dubai-based entities following Dubai World's and Nakheel's proposed restructuring announcement of their liabilities, do not impact the agency's assessment on sovereign support, or expectations of support, when assigning corporate bond ratings for state-owned enterprises (SOE) in GCC countries. "Ratings have been impacted when Fitch assessed that either the willingness or the ability of the sovereign to provide support have been impaired," says Bashar Al Natoor, Director in Fitch's Industrial team.

"However, when this is not the case, ratings have been affirmed at the previous level as per Fitch's Parent-Subsidiary Linkage methodology, which remains unchanged."

Fitch notes that the Government of Dubai support is ultimately intended to serve the future growth of the Emirate of Dubai and the wider UAE economy. However, today's statement reiterated that "loans to GRE's - unless specifically guaranteed by the government - are based on the credit risk of individual GREs". Moreover, of the approximately USD 9bn in new funding that would be made available to Dubai World and Nakheel, only about USD4bn will come from Dubai's internal resources, split over the next three years. This suggests that Dubai's direct ability to provide additional support remains relatively limited.

The announcement is in line with Fitch recent decision to re-base the rating of Dubai Holding Commercial Operations Group LLC's (DHCOG). Its Long-term Issuer Default Rating (IDR) and senior unsecured rating have been downgraded several times due to a continuing lack of substantive information on the government's ability to support DHCOG (Fitch considers that the willingness is still strong due to the fact DHCOG is 97% owned by the Ruler of Dubai). The last rating action was taken on 17 February 2010 with a downgrade to 'B+' from 'BB'.

This followed Fitch's move from a top-down rating approach for DHCOG to a standalone basis, albeit with a one-notch benefit for prospective support from the Dubai government in case of ultimate need. The ratings have remained on RWN since.

The case of the Dubai Electricity and Water Authority (DEWA) is different, and its creditworthiness (BBB-/RWN) remains aligned with that of the Dubai emirate, in accordance with Fitch's PSL methodology. Secure electricity supply is considered by the government as crucial for Dubai's development, and the emirate's involvement in DEWA is manifested in numerous ways, including the appointment of board members and the setting of electricity and water tariffs. DEWA also closely coordinates its strategic plan, annual budget and funding plans with the government.

In addition, DEWA sources its gas, which is the primary fuel source needed to fire its generation plants, from the Dubai Supply Authority. The rating continues to be based on the assumption that financial support from the shareholder will be forthcoming in the event of any future potential funding gap. On a standalone basis, DEWA's creditworthiness would warrant a Long-term IDR above 'BBB-' and its credit ratios are expected to remain commensurate with investment-grade metrics.

In the case of Abu Dhabi ('AA'/Stable), Fitch considers that neither the ability nor the willingness to support its own SOEs have changed. Although Abu Dhabi has not issued guarantees to Mubadala Development Company (Mubadala), Tourism Development and Investment Corporation (TDIC) and International Petroleum Investment Corporation (IPIC) - all rated 'AA' with Stable Outlook - it has expressed much more clearly, in Fitch's opinion, that it considers these entities as "core".

Fitch has rated Mubadala, TDIC and IPIC at the same level as the sovereign, given their strategic importance and strong budgetary and financial links to the sovereign. These entities all perform key strategic functions for the Abu Dhabi government and receive direct and ongoing transfers and capital injections from the government budget. The entities are incorporated by emiri decree that ensures they cannot be dissolved except by decree.

Fitch further notes that the GCC issuers are either notched down from or aligned with Fitch's view of the sovereign's credit risk. These latter cases tend primarily to be strategic companies owned by governments which either have explicit contractual support, usually in the form of a debt guarantee, or whose role as sovereign wealth investors, or corporatized public authorities support alignment.

In many cases, SOEs will also have financial profiles of sufficient stand-alone strength (strong cash flow generation, limited leverage, prudent maturity profiles) to limit volatility in ratings even if the support environment changes. Political risk will always remain as a real, but typically not dominant, event risk.

As previously stated ratings which factor in implicit state support (as opposed to explicit guarantees) will always be subject to the event risk of political changes.

 

[suléra]

Un fiducioso articolo che plaude al senso di responsabilità nonchè al positivo cambio alla guida di Nakheel, azienda collegata a Dubai World...

Insomma, sarà davvero tutto sistemato ?

Fonte : Gulfnews


Confidence in Dubai is growing

The manner in which Dubai World is elaborating its new goals is encouraging

Confidence in Dubai is growing

The manner in which Dubai World is elaborating its new goals is encouraging
It looks increasingly likely that creditors will accept Dubai World's proposal to restructure around $24 billion (Dh88.2 billion) of its debt. In an interview with Gulf News, the CEO of the Royal Bank of Scotland, Stephen Hester, described the offer as "a positive development". Other bankers have also expressed confidence in Dubai World's plan to restructure some of its debt. HSBC and Abu Dhabi Commercial Bank have said the debt offer is "very reasonable" and "extremely positive". These comments indicate that while there might still be some discussion, the largest creditors want to reach a settlement and get on with business in Dubai.
These troubled economic times call for bold and considered action. The appointment by the Dubai World subsidiary, property developer Nakheel, of a new board will further boost investor confidence in the determined efforts by Dubai to deal with the challenges facing its enterprises. The new board will identify and develop projects according to the company's priorities and meet its obligations to all parties, it said in a statement.
The transparent manner in which the enterprises are setting new goals and meeting their responsibilities are important to improving corporate governance and winning the support of creditors and investors.

 

[Imark]

Intanto Fitch e le altre agenzie non si schiodano ora nell'assumere la mancanza di supporto governativo reale alle GRE, inclusa Dubai Holding Commercial Opeerations. La sola agenzia governativa che resta IG (BBB-) è Dewa, l'utility che supporta Dubai di elettricità e di acqua, in sostanza assumendosi che lo sceicco non possa spegnere la luce a casa sua...

Ed è proprio DEWA la prima di queste GRE di Dubai a tornare sul mercato, collocando un bond in USD a 5 anni all'8,5% di rendimento. essendo quella messa meglio, ed incombendo altre scadenze per altre GRE, Moody's si chiede cosa succederà, e noi con loro...

Moody's: DEWA back in the market - implications for the region

DIFC, April 20, 2010 -- Moody's Investors Service comments on the recent bond issuance of Dubai Electricity and Water Authority (DEWA), (Ba2; Stable). DEWA successfully priced on Thursday USD 1 billion in 5-year notes at 8.5% under its recently established USD 3 billion programme. As this transaction represented the first USD benchmark offering completed by a Dubai corporate since 2008 and the first time one of Dubai Inc.'s government related issuers ( GRIs) has tapped the market since the Dubai World debt restructuring announcement became the focus of the markets, the return of a Dubai GRI to the international debt capital markets was not only seen as a test for Dubai corporates, but indeed for the region as a whole.

Nevertheless, with investor focus having now shifted almost exclusively to the stand-alone profiles of Dubai issuers as the prospect of extraordinary government support became more selective, DEWA is seen at this stage to be amongst the strongest. Therefore, it will be important for Dubai as it continues to roll out its strategy of expanding Dubai as an international business hub in the region that investor receptivity extends to embrace the broader corporate sector not only in Dubai, but more broadly in the GCC given the significant amount of debt that will need to be refinanced in the coming years. Moody's has identified 2012 as a critical year for the broader market in the region given the wall of debt maturities being faced by Dubai corporate issuers: DIFCI (USD 1.25 billion in June 2012), Dubai Holding Commercial Operations Group (AED 1.84bn in February 2012), Emaar (USD 1bn in February 2012) and Jafz (AED 7.5bn in December 2012).

On the back of the successful closing of the DEWA transaction and the liquidity it brings to the market, it remains critical for the market as a whole that others are able to also demonstrate an ability to continue to attract investor interest as investor appetite to refinance forthcoming debt maturities will ultimately be assessed by reference to their success in executing on their original business plans. We therefore expect, notwithstanding the success of the DEWA debt placement, that liquidity and refinancing concerns will continue to weigh on investor perceptions for the foreseeable future while the market continues to assess and differentiate between the track records of each of the individual corporates in the region.

The last rating action on DEWA was on April 1st 2010, when Moody's assigned a provisional (P)Ba2 rating to DEWA's GMTN programme.

The principal methodology used in rating DEWA was "The Application of Joint Default Analysis to Government Related Issuers", published in April 2005, which determines ratings on the basis of a company's baseline credit assessment, as well as credit enhancement for exceptional government support. Accordingly, ratings were assigned by evaluating factors we believe are relevant to the baseline credit assessment of the issuers, such as i) the business risk and competitive position of the companies versus others within its industry, ii) the capital structure and financial risk of the companies, iii) the projected performance of the companies over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of the companies' core industries and ratings are believed to be comparable to those of other issuers of similar credit risk. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

 

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Nakheel , ricevuto aiuti da Dubai .

 

[Imark]

Abu Dhabi afferma in uno statement pubblico il proprio pieno ed incondizionato supporto per alcune delle sue GRE, e S&P ne afferma il rating a pari livello con quello dello sceiccato...

Three Abu Dhabi-Based Government-Related Entities Removed From CreditWatch; Ratings Affirmed At 'AA/A-1+'

• Following a reassessment of our view on the support of the government of
  the Emirate of Abu Dhabi (AA/Stable/A-1+) for International Petroleum
  Investment Company, Mubadala Development Co., and Tourism Development and
  Investment Company, we affirm their long- and short-term ratings 'AA' and
  'A-1+', respectively.
• We have taken the ratings off CreditWatch negative, where they were
  placed on April 7, 2010. The outlook is stable.
• In accordance with our criteria on government-related entities (GREs),
  the ratings on the three institutions are equalized with those on the
  sovereign, based on our assessment of the "critical" role they play for
  the government and their "integral" links with the government. We believe
  that extraordinary support from the government would be "almost certain"
  in case of financial distress of one of the GREs.

FRANKFURT (Standard & Poor's) May 12, 2010--Standard & Poor's Ratings Services
said today that it affirmed its 'AA/A-1+' long- and short-term issuer credit
ratings on Abu Dhabi-based International Petroleum Investment Company (IPIC),
Mubadala Development Co. PJSC, and Tourism Development and Investment Company
P.J.S.C. (TDIC). The ratings were removed from CreditWatch with negative
implications, where they had been placed on April 7, 2010. The outlook on the
long-term ratings on the three government-related entities (GREs) is stable.

Standard & Poor's placed IPIC, Mubadala, and TDIC on CreditWatch negative on
April 7, 2010. We planned to review our assessment of the likelihood of
extraordinary financial support from the government of Abu Dhabi. We have now
concluded our review and we affirm the ratings at 'AA/A-1+', equalized with
the sovereign.

Standard & Poor's rates IPIC, Mubadala, and TDIC according to its enhanced
criteria on government-related entities. Although the government does not
formally guarantee the GREs' liabilities, we equalize the ratings on the three
entities with those on the government of Abu Dhabi. This assessment is based
on what we believe is the companies' "critical" role for Abu Dhabi's official
long-term development and economic diversification strategies and our view of
an integral link with the government. Accordingly, we consider that
extraordinary government support in times of financial stress is almost
certain.

Standard & Poor's credit analyst Moritz Kraemer said: "In March 2010, Abu
Dhabi's Department of Finance took the rare step of explicitly and publicly
declaring its 'full and unconditional' support for IPIC, Mubadala, and TDIC;
companies it deems 'irreplaceable.' The government had singled out the three
companies specifically as being particularly closely linked to the Emirate's
government, a view that we share."

Abu Dhabi has a track record of ongoing support and the Emirate's recent
extraordinary support for GREs in the neighboring Emirate of Dubai
demonstrates its willingness to provide support, although Abu Dhabi had never
committed to support Dubai GREs in times of financial distress. Abu Dhabi has,
in our view, established a track record of providing timely, ongoing support
to its own GREs and has provided extraordinary support when necessary.

We consider the stand-alone credit profile for all three GREs to be in the
'BBB' category, incorporating ongoing, but not extraordinary, support.

Standard & Poor's believes that the companies' integral links with and
critical roles for the government will remain unchanged, and that the
companies will continue to benefit from ongoing support to their operations,
and, if the need arises, extraordinary financial support. The outlook is also
based on our expectation that the GREs will continue to focus on their public
policy roles. Any indication of significant mission creep toward more
commercial activities could bring the ratings on the GREs under pressure.

Any lowering of the credit rating on the government of Abu Dhabi, or any
indication that the government's commitment to the GREs is weakening, would
result in a lower credit rating on the companies. A higher rating could result
from improvement in the credit quality of the Emirate of Abu Dhabi, to which
the underlying credit risk of the three GREs is linked.