Moody’s boosts presence in Dubai

Moody’s Investment Service, one of the world’s largest credit rating agencies, has moved to a larger office in Dubai as part of a plan to boost its presence in the Emirate and expand services in the region.

In a statement sent to Emirates 24/7, Moody’s said its regional office in Dubai, Moody’s Middle East Ltd, has just moved to permanent and larger premises within the Gate District of the Dubai International Financial Centre (DIFC).

Moody"s Middle East Limited was first established in the DIFC in April 2007 within plans to provide more coverage of the Gulf.

The statement said the move would allow Moody’s to implement its near- and medium-term expansion plans which are aimed at enhancing its ability to serve financial market participants in the region.

 "The move reflects Moody"s continued commitment to its customers in the Middle East," said Jehad El-Nakla, Moody’s Middle East General Manager.

"As the global economy gradually emerges out of recession, Middle Eastern market participants have started to return to the global capital markets in order to address their financing needs.

Moody’s is therefore anticipating a revival in regional demand for ratings and intends to meet this demand with greater analytical resources on the ground."

According to the statement, Moody’s has so far assigned more than 170 public ratings in the UAE and other regional countries.

 "Overall, our DIFC-based office continues to provide a good base from which to address regional demands for in-depth, globally comparable credit analysis and ratings," said Frederic Drevon, Head of Moody's Europe, Middle East & Africa.

Moody's is a major provider of credit ratings, research and risk analysis. Its activities largely contribute to transparent and integrated financial markets.

The firm’s ratings and analysis track debt covering more than 110 sovereign nations, 12,000 corporate issuers, 25,000 public finance issuers, and 106,000 structured finance obligations.

Moody's Investors Service is a subsidiary of Moody's Corporation, which reported revenue of $1.8 billion in 2009, employs approximately 4,100 people worldwide and maintains a presence in 26 countries.

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