Dubai Investments Bullish on Being Promoted Out of Junk - Bloomberg

Dubai Investments Bullish on Being Promoted Out of Junk - Bloomberg:



"Dubai Investments PJSC (DIC), whose profit jumped 240 percent in the second quarter after it sold assets, says it may be on the cusp of its first ever investment-grade rating as it bolsters cash holdings.



The company expects the credit rating to be increased by year-end to at least BBB, two steps above junk, according to Chief Executive Officer Khalid bin Kalban. Its Dubai Investments Park Development Co. LLC unit, which raised $300 million from an Islamic bond in February, holds a BB+ grade at Standard & Poor’s. Dubai Investments sold a 66 percent stake in Globalpharma Co. LLC, which was valued at 385 million dirhams ($105 million), to Sanofi in June.



“We’re flush with liquidity thanks to the sukuk and the Sanofi (SAN) deal,” bin Kalban said by telephone from Dubai yesterday. “By year-end we are looking at an improvement to our rating.”"



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