- JEDDAH: Moody’s has upgraded the long-term foreign and domestic currency ratings of DP World Limited to Baa3 from Ba1 besides the rating on $1.5 billion sukuk issued by DP World Sukuk Limited and due 2017 with a stable outlook.
“Today’s one-notch upgrade of DP World into investment grade reflects Moody’s view that the company has achieved credit metrics that are commensurate with a higher rating category and are likely to be maintained over the medium term,” says Franck Nowak, associate analyst at Moody’s in Dubai.
Specifically, Moody’s noted the company’s rapid recovery in terms of operating performance over 2010 and continuing into 2011; the sound industry fundamentals for the port operators and also the material, credit-positive actions taken by DP World to adhere to self-assigned financial targets.
These factors incorporate the prospect of this performance being maintained in the medium term, said the rating agency in a statement.