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Dubai’s main stock market plunged for a second consecutive day Tuesday and an international ratings agency downgraded six government-linked companies as fresh concerns surfaced about the troubled city-state’s debt problems.
The twin blows came as its finance chief raised new questions about the pace of restructuring at government-owned Dubai World, the debt-saddled conglomerate now at the heart of the emirate’s credit mess.
Shares on the Dubai Financial Market tumbled 6.1 percent. An accelerated slide since October has now left prices where they were at the end of 2008.
Meanwhile, Moody’s credit agency cut ratings on government-linked companies it covers.
