Autonomy

Fitch Ratings has placed the individual ratings of four Dubai-based banks on Rating Watch Negative (RWN) because of Dubai World’s recent request to postpone debt repayments, it said on Saturday. The banks include Commercial Bank of Dubai, Emirates NBD, Mashreqbank, and HSBC Bank Middle East. Fitch said its actions reflect the belief that “these banks have significant exposures to Dubai World and other Dubai government-related entities,” but that it expects to resolve these RWN over the next two weeks.

http://www.kippreport.com/2009/12/fi...tive%E2%80%99/

Stating the obvious, but to be safe I'd suggest keeping minimal living savings here only...

Meow

I'll say it again. There is no need to panic and I do not expect these banks to fail.

I've been advising people to keep the builk of their monies offshore for years.

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spart

S&P slashes Dubai companies' ratings‎

DUBAI: Standard & Poor's has slashed the credit ratings of six Dubai state-linked companies to junk status, among them worldwide ports operator DP World.

I had heard this a little while back.

Millhouse

While this is probably true, please don't forget that S&P, Fitch and Moodys are the same monkeys that gave the sub-prime mortgage backed bonds triple A ratings when in fact they were worse than junk - they very much had their part in ****ing everything up.

IndieG

I heard that there is a silent run on ENBD (and I presume in other local Dubai banks as well). They've apparently lost well over 3 billion in deposits over the last week. The Indian business community (who have spent decades in Dubai) are pulling their money out of the bank and the UAE big time.

They should actually have been rated junk long back.

GrecoRomano

IndieG, I love you!

BTW, I do expect the NRI community at a certain point to flex their non-violent muscles and just take over the whole place. And I do mean the WHOLE place.

TGFKASE

What gets me is that Dubai seems quite happy for any Tom, Dick and Harry to wax lyrical on the financial secureness of Dubai...

Police Chief Now Financial Expert.....

IndieG

I guess he's become an expert now - he probably got trained by the inmates in his "office"...