Business | General
Dewa to sell $1 billion of bonds
Dubai Electricity & Water Authority is selling $1 billion of bonds backed by customer bills as it seeks to increase power capacity, Fitch Ratings said.
- Bloomberg
- Published: 14:26 May 7, 2008
Dubai: Dubai Electricity & Water Authority is selling $1 billion of bonds backed by customer bills as it seeks to increase power capacity, ratings company Fitch Ratings said.
Dewa's floating-rate notes due 2036 are part of a $4 billion borrowing program and are ranked AA-, Fitch's fourth-highest grade, the ratings company said in a statement on Tuesday.
Another rating company, Standard & Poor's puts the securities one level lower at A+, it said on Wednesday.
The bonds are issued through Cayman Islands-based Thor Asset Purchase Ltd., the two ratings companies said, without specifying whether the sale has closed.
Nasser Abbas, the utility's treasury manager, was not available for comment when Bloomberg News called his Dubai office.
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