Mubasher: Moody's Investors Service upgraded the long-term issuer rating of Dubai Electricity & Water Authority (DEWA) to Baa1 from Baa2.
The rating agency also upgraded to (P)Baa1 from (P)Baa2 the provisional rating of DEWA’s senior unsecured global medium-term note programme and the ratings of the two senior unsecured notes issued under the programme (due in 2016 and 2020 and amounting to$2.0 billion in total), according to a statement.
The outlook on all ratings is stable, Moody's said.
The ratings reflect the continued improvement in DEWA's financial profile over the last couple of years, according to Julien Haddad, an analyst in Moody's Corporate Finance Group.
“The upgrade also reflects DEWA's strong liquidity driven by the company's ability to continuously generate positive free cash flows," Haddad added.
