Dubai set to get its first credit rating

Business Materials 7 October 2007 11:05

( Gulf ) - Dubai, one of the fastest-growing cities in the Middle East, will probably receive its first credit rating this year as part of plans to become the second member of the UAE federation to sell bonds, the Middle East Economic Digest magazine has reported.

Fitch Ratings is working on Dubai's rating and JPMorgan Chase and Company will provide advice on any bonds, the London-based weekly said in its latest issue, citing sources close to Fitch.

The Fitch Ratings offices in Dubai could not be reached for comment yesterday.

Fitch assigned an 'AA' credit rating to Abu Dhabi before it sold a $1 billion, five-year bond in July.

Those were the UAE's first government bonds.

The federal government of the world's sixth largest oil exporter has no debt.