Moody’s assigns DP World hybrids Ba2

Moody’s Investors Service said it assigned a Ba2 rating to the proposed benchmark sized reset subordinated perpetual notes and sukuk certificates to be issued by DP World plc and DP World Salaam, respectively.

DP World’s and DP World Crescent Ltd.’s ratings remain unchanged.

“The Ba2 rating assigned to the proposed benchmark sized hybrid instruments is two notches below DP World’s Baa3 senior unsecured and issuer rating because they will be deeply subordinated to the senior unsecured obligations of DP World and its subsidiaries and rank senior only to ordinary shares,” Moody’s said in a press release.

The agency said it views the offerings as credit positive because they will replace a significant part of the bridge financing with longer maturities.

The outlook is stable.

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