Fitch rates DP World hybrids BB

Fitch Ratings said it assigned DP World Salaam Ltd.’s $1.5 billion hybrid sukuk instruments final ratings of BB with a stable outlook.

“The perpetual hybrid issue is deeply subordinated, senior only to DP World plc’s share capital, while profit payments can be deferred at the discretion of the issuer. As a result, the BB/stable rating is two notches below DPW’s issuer default rating (IDR) reflecting the notes’ higher risk of non-performance relative to senior obligations,” Fitch said in a press release.

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