Six Dubai government-backed entities have had their credit ratings cut. A leading property firm has also been cut back by ratings agency Standard & Poor's. S&P said that the downgrade had come about because the worsening world economy could hit sectors vital to the Dubai economy such as trade, tourism and commerce. Dubai property developer Emaar Properties has been changed to 'BBB+' from 'A-'. DIFC Investments, DP World, Jebel Ali Free Zone, JAFZ Sukuk Islamic, the Dubai Multi Commodities Center Authority and Dubai Holding Commercial Operations Group have been taken to 'A-' or above.
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