The company is now in talks with creditors to negotiate a six-month "standstill" of its debt obligations — effectively a half-year repayment grace period. "The six-month period would focus on the creditors, the contractors and so on," al-Saleh told al-Arabiya. The companies rated by Moody's and affected by its downgrades are Dubai Electricity & Water Authority, Dubai Holding Commercial Operations Group, real estate developer Emaar Properties, DIFC Investments and Dubai World's port operator DP World and Jebel Ali Free Zone. All the ratings are below investment grade — a status known in the industry as "junk". Moody's has already downgraded the six borrowers once since Dubai announced its restructuring plans last month. Lotter said further cuts were possible. Dubai itself does not hold a sovereign credit rating.