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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Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more
National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese ... more
The GCC economies remain insulated from economic and political turbulence in the MENA region and globally but structural challenges continue to constrain sovereign ratings, ratings agency ... more