S&P lowers DP World

Standard & Poor's said it lowered the long-term corporate credit ratings on DP World Ltd. to BB from BB+ and its senior unsecured issue ratings to BB and assigned a recovery rating of 3.

The agency affirmed the company's B short-term corporate credit rating and removed all ratings from CreditWatch where they had been placed with negative implications on Nov. 25.

The outlook is negative.

The BB rating reflects the company's standalone credit profile, without any uplift for potential government support, the agency said.

The action follows a review of Dubai-based government-related issuers, the agency noted.

The downgrade reflects a weaker-than-expected financial profile in 2009 and S&P's forecast of broadly stable ratios in 2010 as well as the majority ownership by a very weak group, according to the agency.

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