Dubai Holding Commercial Operations Group (“DHCOG”) has dropped Standard and Poor’s (“S&P”) as its rating agency due to its lack of understanding of DHCOG’s business, its operations and relationship with the Government of Dubai.
Although DHCOG has been engaging with S&P and sharing adequate information frequently and in a transparent manner, S&P has, nevertheless, issued inaccurate statements coupled with factual errors that are misleading. Therefore, DHCOG discredits and disagrees with the content of the latest S&P report dated 25 January 2010.
DHCOG assures the investor community that it will continue to work closely with other rating agencies and directly with investors in full transparency.
