DMCC terminates S&P rating

DMCC terminates S&P rating
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Published August 29th, 2010 - 10:55 GMT

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Dubai
,
Dubai Multi Commodities Centre Authority
,
DMCC
,
Dubai government

Dubai Multi Commodities Centre Authority ('DMCC') today confirms that it has made a request to Standard & Poor's ('S&P') to terminate its public rating. DMCC sees no further requirement for a public rating as it no longer has any public debt following the repayment in May this year of the final $20m of a $200m 5 year Islamic Sukuk issued in 2005. DMCC has paid off all Sukuk holders in full and on time, has no further debt and adequate liquidity to fund its growth plans.

DMCC is a diversified Dubai government owned authority established to enhance commodity flows through Dubai. DMCC is also the master developer of the Jumeirah Lakes Towers ('JLT') Free Zone.

DMCC has a sustainable growth strategy and continues to show robust growth. The number of DMCC registered companies has grown by some 40% on a year on year basis in 2010. Today, DMCC member companies total over 2,300. JLT is increasingly recognised as the premier mixed use free zone in Dubai and DMCC continues to invest in completing the infrastructure in the JLT, which recently witnessed the completion of the 51st tower. To date in 2010, 13 towers were issued building completion certificates compared to 17 in the whole of 2009. 

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