Moody’s ups Jebel Ali Free sukuk, rates Baa3 IR

Moody's Investors Service said it assigned Jebel Ali Free Zone FZE (JAFZ) a Baa3 senior unsecured issuer rating and upgraded the rating of its $650 million sukuk issued by JAFZ Sukuk (2019) Ltd. to Baa3 from Ba1.

The outlooks are stable.

"We have upgraded JAFZ's ratings to investment grade as a result of its strong credit metrics and in recognition of its resilient and proven business model," Moody's assistant vice president and analyst Rehan Akbar said in a news release.

"Equally important, based on discussions with DP World's management, we now believe that DP World will balance its own shareholder interests with those of JAFZ's creditors."

As part of this rating action, Moody's withdrew JAFZ's Ba1 corporate family rating and Ba1-PD probability of default rating, in line with the rating agency's policy for issuers migrating from non-investment grade to investment-grade.

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