迪拜可能被迫贖回20億美元國(guó)企債務(wù)

迪拜國(guó)有企業(yè)信用評(píng)級(jí)被下調(diào)，觸發(fā)了該酋長(zhǎng)國(guó)公用事業(yè)供應(yīng)商20億美元債務(wù)的加速償付條款，令這個(gè)城市國(guó)家的財(cái)政面臨壓力。

The credit downgrades of Dubai's government-owned companies have triggered an accelerated payment clause on a bn debt issued by the emirate's utilities provider, raising pressure on the city-state's finances.

作為迪拜水電局(DEWA)20億美元的證券化計(jì)劃，雷神資產(chǎn)采購(gòu)公司(Thor Asset Purchase Company Limited)債券原本在2036年到期，但現(xiàn)在可能要在12月14日全部贖回。迪拜世界(Dubai World)旗下陷入困境的房產(chǎn)開發(fā)商N(yùn)akheel公司也將要在同一天贖回40億美元的伊斯蘭債券。

Dubai Electricity and Water Authority's bn securitisation programme, Thor Asset Purchase Company Limited, an instrument originally maturing in 2036, may have to be redeemed in full on December 14. Dubai World's troubled property developer, Nakheel, is due to redeem a bn Islamic bond, or sukuk on the same day.

觸發(fā)加速償付條款突顯出，迪拜當(dāng)局重組迪拜世界集團(tuán)260億美元債務(wù)的企圖，已影響到其經(jīng)濟(jì)中較健康的部分。

The payment acceleration underlines how Dubai's attempts to restructure bn of debts at the Dubai World conglomerate are spreading to healthier parts of the economy.

迪拜政府官員迄今試圖撇清政府和迪拜世界的關(guān)系，但迪拜水電局是迪拜唯一的公用事業(yè)部門，享有主權(quán)擔(dān)保。它被視為迪拜比較穩(wěn)健的公司之一，擁有健康的現(xiàn)金流，分析師預(yù)計(jì)其還款要么將正常履行，要么將重新談判。

Government officials have tried to distance themselves from Dubai World, but DEWA, the emirate's only utility provider, enjoys a sovereign guarantee. It is seen as one of Dubai's more solid companies, with healthy cash flows, and analysts expect the repayment either to be met or renegotiated.

迪拜財(cái)務(wù)部一位發(fā)言人說：“迪拜水電局是政府所有的一家公司。它的債務(wù)是主權(quán)債務(wù)，政府仍然承諾完全履行償債義務(wù)。”

spokesman for Dubai's department of finance said: “DEWA is a government company. Its debt is sovereign and the government remains 100 per cent committed to meeting its sovereign debt obligations.”

惠譽(yù)評(píng)級(jí)(Fitch Ratings)11月30日將雷神資產(chǎn)采購(gòu)公司的評(píng)級(jí)降低至單A級(jí)以下，從而觸發(fā)了加速償付條款，但評(píng)級(jí)仍維持在“BBB-”級(jí)（即投資級(jí)）。

Fitch Ratings downgraded the Thor instrument on November 30 to below the single A grade that triggered the payment acceleration, but has kept it at BBB-, or investment grade.

“迪拜經(jīng)濟(jì)的不確定性惡化了我們對(duì)政府履行其承諾能力的看法，”惠譽(yù)的新興市場(chǎng)結(jié)構(gòu)性融資負(fù)責(zé)人雅伊梅·桑斯(Jaime Sanz)說。

“The economic uncertainty in Dubai has soured our view of the sovereign capacity to meet its commitments,” said Jaime Sanz, Fitch's head of emerging markets structured finance.