Dubai – Mubasher: Fitch Ratings announced it has affirmed the long-term issuer default rating (IDR) and senior unsecured rating of Dubai Investments Park Development Company LLC (DIPDC) at ‘BB+’.
All ratings have been withdrawn, with DIPDC’s long-term IDR on ‘Stable Outlook’ at the time of withdrawal, according to a press release.
The US-based credit agency has viewed DIPDC's standalone credit profile (SCP) at 'bbb-', backed by a sustainable business profile and strong financial metrics with low leverage and loan-to-value (LTV).
The agency also viewed linkage between DIPDC and its parent company Dubai Investments as being ‘moderate’.
Fitch has withdrawn DIPDC’s instrument ratings as the company paid back its Sukuk trust certificates in February 2019
