Moody’s upgrades DP World ratings | GulfNews.com:
Ratings agency Moody’s has upgraded the long-term issuer rating of Dubai-based port operator DP World from Baa2 to Baa1, with a stable outlook.
The agency said the upgrade reflected DP World’s diversified global operations, the expected long-term growth in international container shipping, solid profitability and liquidity, management track record in adherence to leverage targets, and its flexibility to delay capital expenditure to support its balance sheet if required.
“Our decision to upgrade DP World’s ratings reflects a strong track record in managing its business through industry cycles as well as achieving its growth ambitions, while maintaining a healthy financial profile,” said Rehan Akbar, a Moody’s vice-president and senior analyst.
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