Moody's Investors Service has changed the outlook to positive from stable for Dubai Electricity and Water Authority (DEWA) including related entities (DEWA Funding Ltd. and its guaranteed debt instruments (US$1 billion notes due April 2015).
At the same time, Moody's has converted DEWA's issuer rating into a Ba2 corporate family rating (CFR) and assigned a probability of default rating (PDR) of Ba2, in line with the rating agency's practice for corporate issuers with non-investment-grade ratings.
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