Standard & Poor's rates DP World 'A+/A-1' ratings

The outlook is stable.

"The ratings principally reflect DP World's 100% indirect ownership by the Emirate of Dubai and the operator's pivotal role to diversify revenues from oil and foster international expansion for the emirate," said Standard & Poor's credit analyst Jonathan Manley.

DP World is a major international port operator and its activities in Dubai benefit from a strong hub position. DP World also boasts geographic diversification after recent large international acquisitions.

Given DP World's national importance, we have factored in implicit sovereign support into the rating; there are, however, no formal guarantees. State support for DP World is demonstrated by: the emirate's 100% ownership through its Dubai World investment vehicle; the emirate's influence over the company through Dubai World representation on DP World's board, including the position of chairman; the company's strategic importance as a conduit for diversifying the external revenues of the emirate; and, the previous tangible financial, operational, and extraordinary support for the company's activities.

"We assume that DP World will continue to benefit from its close strategic relationship with, and ownership by, the Emirate of Dubai," added Mr. Manley. "Any sale of a minority stake in the company would be unlikely to impact the support factored into the ratings."

The stable outlook also assumes that the company will successfully execute its business plan and fulfill its financial forecasts, in the light of any global economic downturn, increased competition, and successful execution of the capital expenditure program, including acquisitions.