Fitch upgrades Jebel Ali

Fitch Ratings said it upgraded Jebel Ali Free Zone FZE’s long-term issuer default rating to BBB- from BB-.

Fitch also said it upgraded JAFZ Sukuk (2019) Ltd.’s senior secured rating to BBB- from BB-.

The ratings also were removed from Rating Watch positive.

The outlook is stable.

The upgrade and alignment of the ratings with the company’s parent, DP World, reflects an assessment of strong links between Jebel Ali and its new owner under its parent and subsidiary rating methodology, Fitch said.

The agency said it expects the acquisition of Jebel Ali by DP World to be positive for the group’s operating efficiency at the Port of Jebel Ali in Dubai.

DP World’s ownership will enable the group to improve the layout of port access, allow it to expand its logistic capacity to support ongoing growth, Fitch said.

The new ownership also will improve integration of the port area with the new Al Maktoum International Airport, the agency said.

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