Cut to junk rating

BBC:

The ratings agency Standard & Poor's has cut the credit rating of six Dubai companies linked to the government to junk status. S&P said extraordinary support from the Dubai government seemed "low" after the emirate said it would not guarantee Dubai World's debts.
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S&P said it was not rating Dubai World or its property arm Nakheel. It said that under its criteria, a credit standstill - which is what Dubai World had asked for - "is considered a default".
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In addition, the rating on four banks was cut to junk. They were Emirates Bank International, National Bank of Dubai, Mashreqbank and Dubai Islamic Bank.