Dubai Electricity and Water Authority (DEWA), the state-owned utility backed by the emirate’s government, has denied it faces a deadline next week to make a US$2 billion (Dh7.34bn) payment triggered by recent ratings downgrades.
“DEWA is very strong financially,” a spokesman said. “There has been no request from banks.” The denial came after a report that DEWA’s securitisation instrument, Thor Asset Purchase, might have to be redeemed in full next week because of downgrades to the company’s investment rating.
The three main raters, Fitch Ratings, Moody’s Investors Service and Standard and Poor’s, have recently downgraded Thor, which matures in 2036. Three main Thor investors are reported to be ready to waive their entitlement to repayment.
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