By Joanne Bladd
Agency cites Dubai World debt restructuring as influencing outlook change
Dubai’s DP World, the world’s fourth biggest port
operator, on Tuesday had its outlook changed to “positive” from “stable” at
Moody’s Investors Service.
The rating company confirmed the Ba1 issuer rating of the
state-backed operator, which is part owned by troubled conglomerate Dubai World.
"The outlook change to positive for DP World
reflects Moody's view that the improving fundamentals for port operators - with
increasing volumes of global trade flows, especially in emerging markets - are
likely to remain favourable over the medium term," said Martin Kohlhase, assistant
vice president at Moody’s Dubai, in an emailed statement.
The agency cited Dubai World’s debt restructuring and DP
World’s intention to refinance its $3bn syndicated revolving credit facility
maturing in October 2012 as factors in the outlook change.