Moody’s upgrades outlook for DP World

03 Nov 2010

(MENAFN) Ratings agency Moody�s upgraded the outlook for Dubai�s port operator DP World from stable to positive after the global firm reported substantial recovery in container trade.

Moody�s Investors Service said that it affirmed DP World�s Ba1 issuer rating and the Ba1 rating for DP World Sukuk (Islamic bonds), while it changed the rating outlook from stable to positive.

The change was in response to the solid operating performance this year by the world�s fourth biggest port operator, in addition to the company�s intention to refinance during 2011 a $3 billion syndicated revolving credit facility that matures in October 2012, Moody�s said.

The agency also cited a recent agreement between DP World�s parent firm, Dubai World, and its creditors, to reschedule some $24.9 billion of debt, saying it was achieved without any impact on DP World�s financial or operational profile.

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