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DIP rating upgraded by S&P

June 29, 2014



The DIPDC rating upgrade follows the Dh1.1 billion, five-year sukuk issued by its subsidiary DIP Sukuk in February, which significantly strengthened the group's liquidity. S&P also raised the Sukuk issue ratings from BB to BB+.



Dubai Investments Park Development Company, or DIPDC, a wholly-owned subsidiary of Dubai Investments, has announced that its long-term corporate credit rating has been upgraded to BB+ from BB by Standard & Poor's Ratings Services, with a stable outlook on the basis of stronger liquidity. This also represents the overall assessment of the Dubai Investments group's credit profile.







The DIPDC rating upgrade follows the Dh1.1 billion, five-year sukuk issued by its subsidiary DIP Sukuk in February, which significantly strengthened the group's liquidity. S&P also raised the Sukuk issue ratings from BB to BB+.







Dubai Investments Park is a unique, self-contained mixed-use industrial, commercial and residential complex operated by DIPDC. Spread across an area of 23sqkm, it is a city within a city offering world-class infrastructure and outstanding facilities and services.







Khalid Kalban, chairman of DIPDC and managing director and chief executive officer of Dubai Investments, said: "The upgrade in the ratings by Standard & Poor's is a major endorsement for DIPDC and reflects the improved liquidity within the DI group, following the successful Sukuk issue earlier this year and our strong growth potential."







"As a benchmark rating, this positions us well to take advantage of favourable market conditions, with a view to enhance our overall shareholder value."
















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Source: Khaleej Times (United Arab Emirates)


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