Fitch Ratings has affirmed DP World Limited’s (DP World) long-term issuer default rating (IDR) at BBB- with a stable outlook. Fitch has also affirmed the senior unsecured rating at BBB- and the short-term IDR at’F3. The sukuk unsecured trust certificates issued by DP World Sukuk Limited have been affirmed at BBB-.
DP World’s ratings reflect its strong position as one of the largest global container terminal port operators, with a geographically diversified portfolio of assets in key locations and high growth emerging markets. Leverage is now considered strong in the context of the company’s ratings and at levels more appropriate to allow cash flows to fund sizeable capex over the next two years. Headroom should also enable DP World to weather challenging macro conditions, which have recently led to volume declines in DP World’s key markets.