MENA Sovereign Risk: It's Not The End Of The (Dubai) World

As we move towards the close of 2009, we have rolled over our Sovereign Risk Ratings, so that they now reflect our forecasts and outlook for 2010. This has broadly resulted in upward revisions for most of our MENA states. However, as we were about to go to print last week, the news came through that Dubai World had announced a 'standstill' on the US$3.5bn Nakheel sukuk - which we had previously identified as a benchmark for credibility and sentiment towards Dubai in general - raising questions over the creditworthiness of the UAE and the MENA region in general.

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