迪拜可能被迫赎回20亿美元国企债务

迪拜国有企业信用评级被下调，触发了该酋长国公用事业供应商20亿美元债务的加速偿付条款，令这个城市国家的财政面临压力。

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.

作为迪拜水电局(DEWA)20亿美元的证券化计划，雷神资产采购公司(Thor Asset Purchase Company Limited)债券原本在2036年到期，但现在可能要在12月14日全部赎回。迪拜世界(Dubai World)旗下陷入困境的房产开发商Nakheel公司也将要在同一天赎回40亿美元的伊斯兰债券。

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.

触发加速偿付条款突显出，迪拜当局重组迪拜世界集团260亿美元债务的企图，已影响到其经济中较健康的部分。

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.

迪拜政府官员迄今试图撇清政府和迪拜世界的关系，但迪拜水电局是迪拜唯一的公用事业部门，享有主权担保。它被视为迪拜比较稳健的公司之一，拥有健康的现金流，分析师预计其还款要么将正常履行，要么将重新谈判。

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.

迪拜财务部一位发言人说：“迪拜水电局是政府所有的一家公司。它的债务是主权债务，政府仍然承诺完全履行偿债义务。”

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.”

惠誉评级(Fitch Ratings)11月30日将雷神资产采购公司的评级降低至单A级以下，从而触发了加速偿付条款，但评级仍维持在“BBB-”级（即投资级）。

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.

“迪拜经济的不确定性恶化了我们对政府履行其承诺能力的看法，”惠誉的新兴市场结构性融资负责人雅伊梅·桑斯(Jaime Sanz)说。

“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.