S&P raises Dewa credit rating

Rating agency Standard & Poor's (S&P) on Tuesday said it had raised credit rating of Dubai Electricity and Water Authority (Dewa) from 'BBB-' to 'BBB' reflecting Dewa’s strong performance and abundant liquidity.

S&P has confirmed that Dewa has a clear plan to refinance its debt maturities due in 2013, and expects it to provide a stable financial performance, which will maintain stable positive cash flow resulting from its operations.

"This enhanced credit rating by Standard & Poor's for Dewa demonstrates both its strong financial performance, and the international market's confidence in Dubai," said Saeed Mohammed Al Tayer, MD & CEO of Dewa.

"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."

"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," said Al Tayer.

"Dewa has demonstrated its excellent record in efficiency, reliability, sustainability and conservation, demand management, optimal management of infrastructure investments and operating networks; to meet the growing needs of the Emirate of Dubai and to support production and development projects in various fields," said Al Tayer.

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