UPDATE 1-Any Dubai defaults to hit UAE bank ratings-Moody's

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By Carolyn Cohn

LONDON, Dec 1 (Reuters) - Possible multiple defaults related to Dubai World's debt restructuring could lead to downgrades in UAE bank ratings, but international banks exposed to the conglomerate are unlikely to be affected, Moody's said on Tuesday.

The ratings agency also said it estimated the Dubai government and its related entities have debt of $100 billion -- higher than the market estimate of around $80 billion. Dubai World unveiled details of a restructuring plan on Monday that would include its main property firms but leave other companies untouched, in a move covering $26 billion in debt.

"UAE banks rated by Moody's hold 15-20 percent of the $60 billion estimated Dubai World debt," Mardig Haladjian, general manager of EMEA banking group at the ratings agency, told a conference call.

"If there were multiple defaults... ratings would obviously fall," he said, adding that international banks' exposure to Dubai World was "not expected to cause ratings moves".

Moody's said ports operator DP World DPW.DI and Jebel Ali Free Zone, which are excluded from the restructuring deal, have approximately $10 billion each in debt. "Dubai's corporate landscape is now effectively a high-yield market," said Philip Lotter, Moody's senior vice president of EMEA corporate finance group, pointing to the fact that several Dubai corporates are rated sub-investment grade.

Several UAE banks are on review for possible downgrade by Moody's.