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Moody's rates DP World Sukuk debt A1
Moody's Investors Service said it assigned a provisional A1 rating to the proposed Sukuk al-Mudaraba transaction to be issued by DP World subsidiary DP World Sukuk Ltd.
The outlook is stable.
The rating actions follow Moody's announcement on June 7 that it assigned long-term foreign- and local-currency issuer ratings of A1 with a stable outlook to DP World. Accordingly, the agency regards the al-Mudaraba Sukuk as a senior unsecured obligation.
The Sukuk contains a change-of-control clause that allows for early redemption in the event that the Dubai government reduces its stake in DP World from currently 100% to below 50%, Moody's noted.
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