Summary: Jebel Ali Free Zone (FZE) Dec 11

Standard & Poors, December 2011

Abstract
The 'B' issuer credit rating on Dubai-based free zone company Jebel Ali Free Zone (FZE) (JAFZ) reflects Standard & Poor's Ratings Services' view of its stand-alone credit profile (SACP) of 'b-', plus one notch of uplift based on our assessment of a "moderate" likelihood of timely and sufficient extraordinary support from the government of Dubai. The SACP is constrained by the very weak credit standing and lack of transparency of JAFZ's ultimate parent company, Dubai World Corp. (DWC; not rated), and JAFZ's significant refinancing needs. However, we apply one notch of uplift to the SACP to determine the issuer credit rating because of our view of the free zone's important role to the Dubai economy. It is unclear to us...

Companies mentioned in this report are: Jebel Ali Free Zone (FZE)
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Jebel Ali Free Zone (FZE)

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