Moody's expects rush of ratings requests in region



Leading companies across the Emirates without formal credit ratings face a Dh35.6 billion (US$9.69bn) wall of maturing debt, Moody's Investors Service says. A high proportion of bank debt owed by unrated companies in the GCC could encourage them to sell bonds or other debt instruments, Moody's said. "This is supported by the expectation that banks will continue to judiciously manage their corporate credit exposures, thereby prompting corporates to seek funding in the capital markets," the ratings agency said.

Unrated companies from the six GCC countries had more than $67bn of total debt outstanding compared with $145bn for rated corporates. A total of 28 per cent of the unrated corporate debt was short term. Traditional funding avenues such as bank credit have become less easy to access for many companies as lenders tighten credit lines to reduce their risk exposure after the global financial crisis. Bank lending in the region has remained largely sluggish as a result.

Historically, debt securities in the Gulf have remained largely untapped. Governments, government-related entities and other large companies have been responsible for most bond sales. But a well-established debt market is seen as a way of offering borrowers greater flexibility and a wider range of funding sources. It can also help reduce companies' reliance on short-term bank finance. To issue an international bond, companies need to obtain a rating from a recognised ratings agency.

"Moody's anticipates increased demand for new rating requests from Middle-Eastern corporates after the end of Ramadan, as companies continue to seek to diversify their funding sources by issuing conventional bonds, sukuks and structured-finance instruments, and to extend their debt maturity profiles," it said. The need to reduce near-term liquidity pressures and possibly reduce funding costs were other reasons that may encourage companies to increase their funding sources, Moody's said.

Among the top 10 publicly quoted unrated UAE companies, Abu Dhabi firms had Dh21.7bn of debt and Dubai firms had Dh13.9bn, Moody's said. Unrated companies in Kuwait, Saudi Arabia and the UAE carried more short-term debt on their balance sheets than rated companies. "The differences in the split between short-term and long-term debt for rated and unrated companies can be explained by the fact that rated companies sought a rating in order to tap the market by issuing longer-dated debt," Moody's said.

Across the region, unrated companies in Dubai had the largest proportion of total short-term debt, with 66.26 per cent. And 51.1 per cent of the debt of unrated Abu Dhabi companies was short term, it said. Telecommunications firms, property and construction companies and investment holding companies had the greatest need to extend short-term debt maturities, the ratings agency said. @Email:tarnold@thenational.ae

Why does a queen bee feast only on royal jelly?

Some facts about bees:

The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer

The life cycle of a worker bee is from 40-60 days

A queen bee lives for 3-5 years

This allows her to lay millions of eggs and allows the continuity of the bee colony

About 20,000 honey bees and one queen populate each hive

Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.

Apart from honey, five other products are royal jelly, the special food bees feed their queen 

Pollen is their protein source, a super food that is nutritious, rich in amino acids

Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments

Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive,  protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts

Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain

Honey, royal jelly, pollen have health enhancing qualities

The other three products are used for therapeutic purposes

Is beekeeping dangerous?

As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.

“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”

 

 

The specs
 
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Results

6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).

7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.

7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.

8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.

8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia