Moody's upgrades DP World

Moody's Investors Service said it upgraded DP World Ltd.'s long-term issuer rating to Baa2 from Baa3, the senior unsecured ratings assigned to the medium-term note programs of DP World and DP World Crescent Ltd. to (P)Baa2 from (P)Baa3 and the ratings of all outstanding rated senior unsecured bonds to Baa2 from Baa3. The agency also raised the rating of the perpetual junior subordinated reset note issued by DP World Salaam upgraded to Ba1 from Ba2.

“DP World's ratings were upgraded because the company has successfully reduced net debt to EBITDA (before IFRS leases) as of December 2022 below 4x, in line with the target that it announced at the time of its recapitalization in 2020. In 2020, Port and Free Zone World FZE (PFZW), DP World's immediate parent issued $9 billion of debt, guaranteed by DP World, to fund a $5.15 billion dividend to its ultimate parent Dubai World to redeem its legacy debt and to fund the repurchase of DP World's 19.55% listed shares. As of Dec. 31, 2022, the debt issued by PFZW has been fully repaid, mainly through proceeds of asset sales by DP World in June and December 2022,” Moody’s said in a statement.

The outlook remains stable.

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