Fitch upgrades JAFZ

Fitch Ratings said it upgraded Jebel Ali Free Zone FZE's (JAFZ) long-term issuer default rating to BBB+ from BBB with a stable outlook.

Fitch also said it upgraded the JAFZ Sukuk (2019) Ltd.'s senior unsecured rating to BBB+ from BBB.

The upgrades are driven by the upgrade of its parent, DP World, reflecting the assessment of the strong links between JAFZ and its owner under its parent and subsidiary rating methodology, the agency explained.

JAFZ remains a key part of Dubai's economy with the company and its activities based in the free zone area, accounting for 20% of Dubai's GDP, Fitch said.

JAFZ is also of strategic importance geographically providing the link from the Jebel Ali port to Al Maktoum International Airport, the agency added.

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