Overview
-- Although we expect some challenges for global port
operators in 2012 owing to our weak global macroeconomic
outlook, we believe DP World's geographic
diversification and exposure to growing emerging markets should
help shield its creditworthiness.
-- Despite a robust operating performance in 2011, we
anticipate that DP World's credit metrics are unlikely to
outperform our short-term targets and that it will generate
negative discretionary cash flow over the next few years.
-- As a result, we are affirming our 'BB/B' long- and
short-term ratings on DP World and revising the outlook to
stable from positive.
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