gulfnews : Moody's upgrades Dewa ratings as revenue grows

A price increase for Dubai utilities earlier this year and a new fuel surcharge have earned the Dubai Electricity and Water Authority (Dewa) an upgrade by ratings agency Moody's.

The agency yesterday upgraded Dewa from Ba2 to Ba1, pointing to good liquidity and expectations of growing profits for the authority.

Moody's lead analyst Franck Nowak told Gulf News that the 15 per cent rise in water and utility base rates — which was introduced in January — as well as the fuel surcharge had led to a more bullish ranking on the company.

* username: rupertbu