Thor Asset Purchase (Cayman) Ltd. Notes Rating Raised To 'BBB' Reflecting Improvement In DEWA's Credit Quality - Financial Services - Zawya

-We are raising our ratings on the US$1.3 billion senior secured callable floating-rate notes issued by Thor Asset Purchase (Cayman) Ltd. (Thor) to 'BBB' from 'BBB-'.

-Thor provides funding to Dubai Electricity and Water Authority (DEWA), which has a monopoly in Dubai over generation, transmission, and distribution of power

-Our upgrade principally reflects improvements in our estimate of DEWA's stand-alone credit profile, which we factored into our assessment of Thor's stand-alone credit profile.