Fitch ratings downgrades Blue City Investments 1 Ltd
With apologies for lack of comment as I am literally waiting to go into hospital. Although I don't think comment is particularly required.
Essentially, with fall in real estate investment in tourist resorts in Oman over last 18 months, and negligible sales at Blue City this year, there is a danger that the loan will be declared in default unless the loan sales test is restructured or income increases substantially. The date to watch is 7th November 2009.
Read the press release at Nasdaq and the article in Maktoob Business.
Essentially, with fall in real estate investment in tourist resorts in Oman over last 18 months, and negligible sales at Blue City this year, there is a danger that the loan will be declared in default unless the loan sales test is restructured or income increases substantially. The date to watch is 7th November 2009.
Read the press release at Nasdaq and the article in Maktoob Business.
