Dubai – Dewa’s Thor bond rating upgraded for good performance

14 Jun 2011

(MENAFN) Standard & Poor’s Rating Services announced that it upgraded the issue rating from “BBB-” to “BBB” on Dubai Electricity and Water Authority’s (Dewa) Thor Asset Purchases (Cayman) USD2 billion senior secured callable floating-rate notes under the company’s USD4 billion medium-term note program, Emirates 24/7 reported.

S&P decided to upgrade the notes based on Dewa’s strong performance, solid financial profile, increased availability of liquidity, and increased trust in the international market of Dubai, Saeed Mohamed Al Tayer, Dewa’s Managing Director and CEO, said.

Dewa repaid USD1.5 billion of debt in April, improving its stand-alone credit profile. In October 2010, Dewa raised USD2billion from the international debt capital markets in two tranches. A quarter will mature in fall 2016 at a starting price of 6.375 percent. The remaining USD1.5 billion will mature in 2020 at a starting price of 7.375 percent.

Since Thor has a performance guarantee with the government of Dubai through Dewa, S&P rated Thor as a government-related entity.

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