If the IPO proceeds, the remaining 77% shareholding would be retained by the current sole owner, Port & Free Zone World (P&FZW), which would retain all proceeds from the offering. P&FZW is part of the Dubai World Corporation owned by the Emirate of Dubai. The shares are scheduled to be listed on Nov. 26, 2007.
Given DP World's importance to the economy of Dubai, the influence of the Emirate over the company as a result of its representation on the Board, and previous financial and other support offered to the company by the Emirate, Standard & Poor's has factored in implicit sovereign support into the ratings.
Although the sale of the 23% stake of the company will mean that it is no longer wholly owned by P&FZW, this, in itself, does not weaken our view of the likely support that will be given to the company from the Emirate in light of the company's strategic importance.
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Dubai based DP World Ltd. ratings unaffected by proposed IPO
- United Arab Emirates: Tuesday, November 20 - 2007 at 13:49
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Standard & Poor's Ratings Services said that its ratings and outlook on Dubai-based international port operator DP World Ltd. (A+/Stable/A-1) are unaffected by the company's proposed IPO of up to 23% of the company's share capital.
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Posted by Lara Lynn Golden, News EditorTuesday, November 20 - 2007 at 13:49 UAE local time (GMT+4)
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Karim Nassif,
Jonathan Manley,
Luc Marchand,
Industrial Ratings Europe
Press Office Contacts:
London Media Hotline: +44 20 7176 3605
Paris: +33 1 44 20 6740
Frankfurt: +49 69 33999 225
Milan: +39 02 72 111 245
Madrid: +34 91 389 6944
Moscow: +7 495 783 4017
Stockholm: +46 8 440 5916
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
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