The credit downgrades of Dubai's government-owned companies have triggered an accelerated payment clause on a $2bn debt issued by the emirate's utilities provider, raising pressure on the city-state's finances.
Dubai Electricity and Water Authority's $2bn securitisation programme, Thor Asset Purchase Company Limited, an instrument originally maturing in 2036, may have to be redeemed in full on December 14. Dubai World's troubled property developer, Nakheel, is due to redeem a $4bn Islamic bond, or sukuk on the same day.
The payment acceleration underlines how Dubai's attempts to restructure $26bn of debts at the Dubai World conglomerate are spreading to healthier parts of the economy.
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