迪拜可能被迫贖回20億美元國企債務

迪拜國有企業(yè)信用評級被下調(diào)，觸發(fā)了該酋長國公用事業(yè)供應商20億美元債務的加速償付條款，令這個城市國家的財政面臨壓力。

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劃，雷神資產(chǎn)采購公司(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Nakheel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，迪拜當局重組迪拜世界集團260億美元債務的企圖，已影響到其經(jīng)濟中較健康的部分。

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，分析師預計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.

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

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.”

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

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)濟的不確定性惡化了我們對政府履行其承諾能力的看法，”惠譽的新興市場結(jié)構(gòu)性融資負責人雅伊梅·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.