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Fitch boosts DP World
Fitch Ratings said it upgraded DP World Ltd.'s (DPW) long-term issuer default and senior unsecured ratings to BBB+ from BBB-. Fitch also hiked DP World Crescent Ltd.’s senior unsecured notes to BBB+ from BBB-.
Concurrently, the agency boosted DP World Salaam’s $1.5 billion of hybrid capital perpetual instruments to BBB- from BB+.
“The upgrade reflects DPW's successful deleveraging to below 4x group net debt to EBITDA (pre IFRS-16) at end-2022, in line with management's commitment. Leverage had peaked at around 6.4x in 2020 due to its debt-funded privatization,” Fitch said in a press release.
The outlook is stable.
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