Dubai Holding Commercial Operations Group (DHCOG) has dropped Standard and Poor's (S&P) as its rating agency due to its lack of understanding of DHCOG's business, its operations and relationship with the Government of Dubai, said a statement issues by the company.
"Although Dubai Holding Commercial Operations Group has been engaging with S&P and sharing adequate information frequently and in a transparent manner, S&P has, nevertheless, issued inaccurate statements coupled with factual errors that are misleading.
Therefore, DHCOG discredits and disagrees with the content of the latest S&P report dated January 25, 2010," it said.
The statement added that DHCOG assures the investor community that it will continue to work closely with other rating agencies and directly with investors in full transparency.
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