Dubai-Mubasher: Standard & Poor's (S&P) raised its long-term corporate credit rating on Dubai Electricity and Water Authority (DEWA) from 'BBB' to 'BBB+', with a “Stable” outlook, according to a report.
S&P also raised its issue rating from 'BBB' to 'BBB+' on the $1 billion senior unsecured sukuk certificates due March 2018, issued by DEWA Sukuk 2013.
"DEWA's financial risk profile has improved on the back of stable regulated earnings and effective pass-through of fuel costs," according to S&P.
The authority’s financial risk profile improved over the past 12 months, thanks to robust demand of power and water in Dubai.
