Fitch Upgrades DP World’s Rating

Dubai-based port and terminal operator DP World has seen its Long-Term Issuer Default Rating (IDR) upgraded to BBB+ from BBB and Short-Term IDR affirmed at F2 by ratings agency Fitch Ratings.

Fitch Ratings added that the rating outlook is stable. This follows on Fitch’s rating upgrade in August 2016 from BBB- to BBB and reflects DP World’s solid performance and stable cash flow generation.

The ratings agency also notes DP World’s flexibility in its expansionary plan to maintain leverage below the threshold of 4.5x, well diversified and resilient portfolio and pricing power due to its significant exposure to origin and destination traffic.

According to Moody’s ratings agency, DP World’s current ratings for three entities DP World Limited, DP World Sukuk Limited, and DP World Crescent Limited are Baa2 with a stable outlook.

“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,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2018 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

TRANSTEC 2018

TRANSTEC 2018 welcomes participants to explore Russian Ports and Shipping development opportunities…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

SMM 2018

This is a must-attend event – a unique opportunity to meet key players, display business strengths, establish new contacts and exchange…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >