The USD 3 billion Trust Certificate Issuance Programme of DP World Crescent Limited, a special purpose vehicle established in the Cayman Islands by DP World Limited, has been assigned a provisional (P)Baa3 senior unsecured rating, while its outlook on the rating was set at stable, according to Moody’s rating agency.
The rating is at the same level as the long-term issuer ratings of DP World Limited, as the sukuk certificate holders in Moody’s view will effectively be exposed to DP World Limited’s senior unsecured credit risk.
Moody’s added that a definitive rating will be assigned to the drawdowns on this programme once the final terms and conditions and legal opinions at the time of issuance satisfy the agency’s review.
The proceeds from the sukuk certificates issued under the programme will be used by DP World Crescent Limited to acquire certain throughput services as measured in TEUs from specified ports within DP World Limited’s portfolio in the United Arab Emirates.
A change in DP World Limited’s ratings will automatically be reflected in the rating of the programme and any certificates issued by it, Moody’s added.
DP World Limited, one of the largest container terminal operators, currently operates 77 terminals across six continents, including its flagship facility at Jebel Ali port in Dubai.
For the year ended December 31, 2015, DP World Limited reported revenue of USD 4 billion and net income of USD 883 million.