Seven Abu Dhabi firms face debt review

"The fallout from the debt woes of Dubai spread to the capital as Moody�s Investors Service placed seven of the most prominent Abu Dhabi companies on review for possible downgrade.The review covers the debt and issuer ratings of the Abu Dhabi National Energy Company (Taqa), Mubadala Development, the Tourism Development and Investment Company (TDIC), the International Petroleum Investment Company (IPIC), Aldar Properties, the issuer rating of the Emirates Telecommunications Company (Etisalat) and the issuer ratings and the long-term debt rating of Dolphin Energy.

�We have been able to contain the negative impact of the [global] crisis,� Sheikh Khalifa told Kuwait�s state-run news agency in an interview.�We have the ability and the will to complete work in that direction � in order to remove all hurdles that impede the continuance of the development process and its thrust.�Speculation that the Dubai Government may be forced to redeem $2bn in debt for the Dubai Electricity and Water Authority (DEWA) on Monday added to fears that Dubai World�s debt problems were spreading to other parts of the economy."

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