Fitch gives Dubai Electricity program BBB-

Fitch Ratings said it assigned the Dubai Electricity and Water Authority's proposed $3 billion global medium-term note program a final rating of BBB- and placed it on Rating Watch negative. The rating is in line with its long-term issuer default rating of BBB-, which is also on negative watch.

The notes will constitute direct, unconditional and unsecured obligations of authority's and will rank equally with all other outstanding unsecured and unsubordinated obligations, Fitch said.

The negative watch reflects uncertainty over the impact of a potential near-term amortization of a portion of privately-held debt, issued by a related securitization entity, Fitch said.

Amendments to the transaction documents for this debt have averted accelerated repayment and allayed concerns about the authority's liquidity, the agency said.

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