Moody's places DP World's Baa1 rating on review for downgrade following delisting deal | ZAWYA MENA Edition

Moody's places DP World's Baa1 rating on review for downgrade following delisting deal | ZAWYA MENA Edition:

Following DP World’s majority owner Port and Free Zone World’s (PFZW) offer to acquire 19.55 percent of the port operator’s shares traded on the bourse, Moody’s has placed the port operator’s Baa1 rating on review for downgrade.

Moody’s Investors Service has placed on review for downgrade the Baa1 long term issuer and senior unsecured ratings of DP World PLC and the (P)Baa1 senior unsecured rating assigned to DP World Crescent Limited MTN program.

PFZW owns 80.45 percent share capital of Dubai’s DP World.

Each DP World share will be acquired at $16.75, representing a 29 percent premium on the market closing price of $13 on Sunday.