The Met Department forecasts generally fair weather, with partly cloudy conditions at times
weather3 hours ago
This comes close on the heels of Fitch Ratings downgrading Tuesday of Global’s credit rating to one grade above default.
S & P cited Global’s non-payment of a $200-million syndicated loan due last December 15 with the investment stretching the maturity of the loan to December 22. Global’s credit ratings were lowered from ‘BBB/A-3’ to selective default, which means payments may not be made on some financial obligations.
“This is classified as a distressed exchange offer and is therefore considered as a selective default,” S & P said in a statement. S & P said it will continue to follow closely the developments at Global and will adjust its ratings depending on the outcome of its between the bank and its creditors.
Global on the other hand is confident it can still reverse the downgrades it has been getting from credit rating agencies.
“We have the available means and on December 21, we will meet with the banks and announce our plans to refinance our debt,” Sunny Bhatia, Global’s chief finance officer was quoted as saying Wednesday in a Zawya Dow Jones interview.
The Met Department forecasts generally fair weather, with partly cloudy conditions at times
weather3 hours ago
Studies indicate that approximately 28.2% of schoolgoing children and 34.7% of adolescents in the UAE are classified as overweight or obese
uae5 hours ago
The consistent rise in rentals over the past three years has boosted property owners’ income
realty5 hours ago
The athlete's proactive approach includes a balanced diet and carefully regulating his insulin pump to prevent drops in blood sugar during training
uae5 hours ago
Some say the congestion starts as early as 6.30am and lasts until late morning
uae5 hours ago
Passengers booked on these services are being assisted with travel arrangements, the airline said
uae13 hours ago
Spot gold prices hit record high of $2,635.29/oz
markets13 hours ago
UniCredit CEO Orcel aims to build Europe's biggest bank
business13 hours ago