From BBC: Standard & Poor’s has cut the credit ratings of six Dubai government-backed entities and a leading property firm. It comes weeks after Dubai’s finance ministry sold $10bn (£6.9bn) in bonds to the United Arab Emirates (UAE), to ease the emirate’s liquidity problems.

Dubai is one of seven members of the UAE federation. S&P said that the worsening world economy could hit sectors vital to the Dubai economy such as trade, tourism and commerce. …. Full Article: Source