Ratings agency Moody's said on Monday it did not expect to take any ratings actions against U.S. insurance companies because of Dubai World's $26 billion restructuring.

We do not anticipate taking any rating action on U.S. life or p&c (property & casualty) insurance companies as a result of the debt restructuring at Dubai World, Moody's analysts wrote in a weekly note.

At year-end 2008, the book value of Dubai World-related bonds held by U.S. insurance companies totalled $590 million, less than 0.2 percent of total cash and invested assets, the Moody's analysts said.

It appears that there's been very little acquisition or disposition of Dubai World-related bonds through the first three quarters of 2009, they added.

Moody's also said there were limited repercussions for UK commercial mortgage-backed securities as a result of the restructuring.

However, its analysts said: We expect financing conditions to remain hostile for government-related corporate entities that are collectively known as 'Dubai Inc'.

They added: Now that the Abu Dhabi government has demonstrated it is not willing to provide blank cheques to all of Dubai's struggling entities, the question of these entities' standalone commercial viability has become crucial.