Sept. 15 (Bloomberg) -- Dubai, the United Arab Emiratesâ sheikdom most severely hurt by the credit crunch, may be dependent on the second part of a bond offering to meet debt obligations of $6.8 billion next quarter, Deutsche Bank AG said. âFor Dubai, the peak of the redemption profile is in the fourth quarter with $6.8 billion due,â Caroline Grady, a London-based economist for the bank, wrote in a note to clients received by Bloomberg today. âAssuming the second $10 billion government of Dubai bond is issued in the coming months, we donât see any issues with Dubaiâs ability to pay.â Rating firms have downgraded Dubai state-owned companies on concern the emirate may not have sufficient funds to support its struggling entities after the credit crisis ended a four-year real-estate boom in Dubai and forced the U.A.E. government to bail out the two biggest mortgage lenders.
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Source: Bloomberg
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