Fitch Ratings has affirmed DP World Limited's (DP World) Long-Term Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook. Fitch has also affirmed the senior unsecured rating at 'BBB-' and the Short-term IDR at 'F3'. The Sukuk unsecured trust certificates issued by DP World Sukuk Limited have been affirmed at 'BBB-'.
DP World's ratings reflect its strong position as one of the largest global container terminal port operators, with a geographically diversified portfolio of assets in high growth emerging markets and key locations. Additional positive factors include the relatively high remaining average life of its concessions, its record of sustained operating cash flow generation and strong liquidity position. In H111, liquidity was bolstered by the USD1.5bn cash proceeds raised from the sale of a 75% stake in its Australian assets.
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