Summary Box: Dubai ruler firm vows to repay bonds

AP News
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Posted: Dec 06, 2011 11:15 AM
Summary Box: Dubai ruler firm vows to repay bonds

PROMISE TO PAY: An indebted investment company controlled by Dubai's ruler vowed Tuesday to repay $500 million it owes early next year, moving quickly to quell concerns about its finances.

MOODY'S MOOD: Dubai Holding made the promise just hours after Moody's Investors Service issued a pair of reports that raised new questions about the ability of Dubai and its government-linked companies to tackle their immense debt load.

DEBT LOAD: The emirate has made progress in retooling terms on tens of billions of dollars in debt since its financial crisis rocked global markets two years ago. But the tiny city-state and its state-linked companies still owe lenders $101.5 billion, Moody's estimates.