Rating agencies have downgraded either the credit ratings or the outlooks for more than two dozen Gulf banks and companies, including a number of Dubai government-related entities, in a further sign of the region being impacted by the global financial crisis.

Fitch Ratings downgraded the individual ratings of Dubai Holding Commercial Operations Group, the real estate, leisure and telecommunications wing of a conglomerate owned by Dubai’s ruler, and Dubai Electricity and Water Authority (DEWA) from AA- to A+. The move was due “to the worsened economic outlook for Dubai and the likely pressure this will put on Dubai’s public finances,” the agency said.