Dubai: DP World rating pulls up by a notch
DP World seems to be on a steady rise, after Fitch Ratings upgraded its Long-Term Issuer Default Rating (IDR) from BBB to BBB+ and affirmed Short-Term IDR at F2. The rating outlook is stable.
Fitch noted the groups flexibility in its expansionary plan to maintain leverage below the threshold of 4.5x, a well-diversified and resilient portfolio and pricing power due to its significant exposure to origin and destination traffic. The firm previously saw a Fitchs rating upgrade in August 2016 from BBB- to BBB.
Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said: We are delighted that Fitch has again upgraded our credit rating by one notch after both credit rating agencies used by us, Fitch and Moodys, had already upgraded our rating last year. To receive consecutive upgrades in the current market conditions is a true recognition of the strength and resilience of our business alongside our long-term growth potential and continued progress to create the most productive, efficient and safe trade solutions globally. We remain committed to delivering growth through continued disciplined investments and managing leverage.
The companys current ratings for three entities DP World Limited, DP World Sukuk Limited, and DP World Crescent Limited are:
Long-Term BBB+ Baa2
Short-Term F2 –
Outlook Stable Stable