Fitch affirms DP World

Fitch Ratings said it affirmed DP World Ltd.'s long-term issuer default rating at BBB-, senior unsecured rating at BBB- and short-term issuer default rating at F3.

The outlook is stable.

The sukuk unsecured trust certificates issued by DP World Sukuk Ltd. also were affirmed at BBB-.

The ratings reflect the company's strong position as one of the largest global container terminal port operators, with a geographically diversified portfolio of assets in high growth emerging markets and key locations, Fitch said.

These strengths mitigate the cyclicality of the industry, which is correlated to macroeconomic developments, the agency said, and the concentration of the company's earnings at the company's port in Dubai.

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