by Amruth Sundarkumar | May 18, 2023 | Credit Ratings, Investment Grade Bonds
DP World was upgraded to BBB+ from BBB- by Fitch with a stable outlook. This comes on the back of the logistics company’s “successful deleveraging” with a net debt-to-EBITDA of less than 4x at end-2022 vs 6.4x in 2020. DP World is the fifth-largest...
by Amruth Sundarkumar | Jan 19, 2023 | Corporates, Credit Ratings
DP World and its senior unsecured bonds were upgraded to Baa2 from Baa3 by Moody’s. The rating action came after it successfully reduced net debt-to-EBITDA as of December 2022 to below 4x, inline with the target it announced during its recapitalization in 2020....
by Amruth Sundarkumar | Sep 21, 2022 | Corporates, Global
Dubai’s DP World has won a ruling in a Hong Kong court against China Merchants Port Holdings regarding rights and concessions related to Djibouti’s container port. With the above ruling, DP World can now move to a full hearing against China Merchants Port...
by Amruth Sundarkumar | Aug 19, 2022 | Corporates, Global
Dubai’s DP World reported net profits of $884mn, a 51% YoY jump in 1H 2022 on stronger revenue growth and focus on high-margin cargo. Revenues grew 60% YoY to $7.9bn on the back of acquisitions and strong performance of feedering services (transshipment of goods from...
by Amruth Sundarkumar | Jun 30, 2022 | Asian Dollar Bonds, Investment Grade Bonds
Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF) has invested INR 22.50bn ($300mn), a 22.5% stake, in Hindustan Ports Pvt Ltd (HPPL) which subsidiary of Gulf logistic major DP World (DPW). Till date, NIIF has invested ~$500mn in...
