Moody’s raises UAE’s Dewa ratings to Ba1

25 Oct 2011

(MENAFN) Moody’s, the ratings agency, said that it upgraded Dubai Electricity and Water Authority’s (Dewa) ratings to Ba1 from Ba2, reported Gulf News.

The agency added that the upgrade came as Dewa raised prices of water and utility base rates by 15 percent in January and added a new fuel surcharge which would be expected to increase the company’s liquidity and profits which would also lessen volatility in operating performance.

It also said that the company would monitor the change in fuel prices; moreover, the increase or decrease in the prices would be reflected in monthly bills, adding that raising or lowering prices would bring Dewa additional revenues.

It is worth noting that in the January-June period, Dewa’s consolidated revenues reached USD1.79 billion.

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