Dubai: Dubai Investments Park Development Company LLC [DIPDC], a wholly-owned subsidiary of Dubai Investments PJSC, has announced that its long-term corporate credit rating has been upgraded to ‘BB+’ from ‘BB’ by Standard & Poor’s Ratings Services [S&P] with a Stable Outlook on the basis of stronger liquidity. This also represents the overall assessment of DI group’s credit profile.
The DIPDC rating upgrade follows the AED 1.1 billion, five-year sukuk issued by its subsidiary DIP Sukuk Ltd in February 2014, which significantly strengthened the group’s liquidity. S&P also raised the Sukuk issue ratings from ‘BB’ to ‘BB+’.
Khalid Kalban, Chairman of DIPDC and MD & CEO of Dubai Investments PJSC, said: “The upgrade in the ratings by Standard & Poor’s is a major endorsement for DIPDC and reflects the improved liquidity within the DI group, following the successful Sukuk issue earlier this year and our strong growth potential.”