From AFP: The shock from Dubai’s move to suspend payments due on a slice of government-backed debt spilled over on Thursday into world markets and caused a sharp weakening in global Islamic bonds.

The move to restructure the state-owned Dubai World and the proposal to request a minimum six-month moratorium on its maturing debt has also triggered fears of a domino effect across the emirate’s indebted state-run corporates, pushing debt rating agencies to slash the grading of Dubai companies……………………………Full Article: Source