Standard & Poor's has cut the credit ratings of six Dubai government-backed entities and a leading property firm.
It comes weeks after Dubai's finance ministry sold $10bn (£6.9bn) in bonds to the United Arab Emirates (UAE), to ease the emirate's liquidity problems.
Dubai is one of seven members of the UAE federation.
S&P said that the worsening world economy could hit sectors vital to the Dubai economy such as trade, tourism and commerce.
S&P analyst Farouk Soussa said the downgrades followed a cut to the in-house sovereign rating S&P has for Dubai, a rating which remains confidential.
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