S&P expects more corporate defaults in Middle East.

By bne IntelliNews February 10, 2010
The international rating agency Standard & Poor's (S&P) expected more corporate defaults in the Middle East following the Dubai World debt crisis, but didn't expect a change in the creditworthiness of oil-rich GCC countries as their balance sheets remained strong. The region still witness distress in the real estate market and many companies still need to reschedule debt, Zawya Dow Jones business wire quoted Jan Willem Plantagie, S&P's regional head for the Middle East as saying.

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