Moody’s upgrades DP World and JAFZ ratings

DUBAI: Moody’s Investors Service has upgraded the long-term issuer rating of DP World Limited (DPW) to Baa2 from Baa3 and the long-term issuer rating of Jebel Ali Free Zone FZE (JAFZ) to Baa2 from Baa3. The outlook on all ratings is stable.

“Our decision to upgrade DP World’s ratings is a result of the company’s credit metrics broadly meeting the criteria for an upgrade in conjunction with Moody’s recognising that the company retains a degree of financial cushion in its credit metrics at the Baa2 level despite the current challenging global trade environment,” said Rehan Akbar, a Moody’s Assistant Vice President — Analyst. “JAFZ’s upgrade directly reflects the company’s close interlinkages with parent DP World as well as the robustness of its credit profile.”