| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dubai Electricity & Water Authority > News item |
S&P upgrades DEWA
S&P said it raised the long-term corporate credit rating on Dubai Electricity & Water Authority (DEWA) to BBB+ from BBB.
The outlook is stable.
The agency also said it raised the rating to BBB+ from BBB on the $1 billion 3% senior unsecured sukuk certificates due March 2018 issued by DEWA Sukuk 2013 Ltd.
S&P also said it revised the assessment of DEWA's stand-alone credit profile to BBB from BBB- based on a revision of its financial risk profile to modest from intermediate.
The improvement is due to DEWA's stable regulated earnings and effective pass-through of fuel costs, which helped strengthen credit metrics and reduce debt, the agency said.
DEWA's financial risk profile has improved over the past 12 months, thanks to robust demand of power and water in the Emirate of Dubai, S&P said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.