Ratings agencies on Tuesday downgraded the credit worthiness of a raft of Dubai government-controlled companies, citing concerns over the emirate's debt obligations and struggling property market.

Standard & Poor's Ratings Services downgraded its ratings for DP World, Jebel Ali Free Zone and Dubai Multi Commodities Centre Authority, while Moody's Investors Service revised its rating for Dubai Holding Commercial Operations Group and placed it on review for possible further downgrade.