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DEWA plans US$2bn bond issue in Q1 2010: report

Dubai utility ignores ratings review to fund expansion

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Saeed Al Tayer, CEO and managing director of DEWA.
Saeed Al Tayer, CEO and managing director of DEWA.

The Dubai Electricity & Water Authority (DEWA) is planning to raise up to US$2 billion in the first quarter of next year via a bond issue, according to MEED.

This is the first announcement by a Dubai government-linked entity since the Dubai World debt restructuring announced last week.

MEED said that DEWA had appointed Citigroup and Standard Chartered to arrange the issue, although it gave no further details as to what the money would be used for.

The news comes as ratings agency Fitch downgraded DEWA to rating watch negative due to uncertainty over the company’s current debt.
 

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