Dubai-Mubasher: Standard & Poor's Financial Services (S&P) raised its long-term corporate credit rating on Dubai-based DIFC Investments (DIFCI) to “BBB” from “BBB-", with a “Stable” outlook, according to a report.
S&P also raised its issue rating to 'BBB' from 'BBB-' on the $700 million senior unsecured sukuk certificates due November 2024 issued by DIFCI's subsidiary DIFC Sukuk.
The upgrade reflects DIFCI's very good operating performance in 2015.
The rating agency expected that DIFCI will continue to post strong credit metrics despite substantial capital expenditure (capex) over 2016-2018 forecast horizon.
