Dubai
A unit of Dubai Holding, a conglomerate owned by Dubai's ruler, said yesterday that it will repay $500 million in bonds maturing on February 1, while Fitch agency revised the rating of the group from negative to stable. Dubai Holding Commercial Operations – a hospitality, media and property group – said in statement to Nasdaq Dubai financial market that it confirmed repayment of the $500m maturing on February 1.

The group "continues to meet its financial obligations as and when they fall due," the statement said. Fitch Ratings yesterday said it has revised the outlook on DHCOG to Stable from Negative. "The Outlook revision reflects the company's good progress with its non-core asset disposal programme and better than expected operating performance in the hospitality and rentals divisions and reduced leverage," it said. It noted that DHCOG "has no significant maturities before 2014" after yesterday's announcement.