DEWA receives credit rating boost
Standard & Poor's raises utility's rating to BBB
The credit rating agency Standard & Poor’s (S&P) has raised its credit rating for Dubai Electricity and Water Authority (DEWA) from BBB¬– to BBB. S&P has said that the uprating reflects DEWA’s strong performance, and its plan to refinance its debt maturities dues in 2013.
“This enhanced credit rating by S&P for DEWA demonstrates both its strong financial performance and the international market’s confidence in Dubai. DEWA has performed strongly, has abundant liquidity and strong financial solvency. This has been affirmed by the confidence our partners and suppliers have in us, which reflects positively on the Emirate of Dubai and its institutions and the solid basis for our investment projects,” said HE Saeed Mohammed Al Tayer, DEWA CEO and MD.
“DEWA has a robust strategy to supply the financing required for its projects and operations according to its priorities, in both the short- and long-term, to achieve the Dubai Strategic Plan, and the implementation of strategic and operational plans. DEWA is also committed to corporate governance and adherence to the directives of the Government of Dubai, and operating according to the highest financial standards,” Al Tayer added.