Standard and Poor's raises the credit rating of Dubai Electricity and Water Authority to 'BBB'
- United Arab Emirates: Tuesday, October 30 - 2012 at 12:09
- PRESS RELEASE
Marking a new milestone for Dubai Electricity and Water Authority (DEWA), the credit rating agency Standard & Poor's (S&P) has raised its credit rating for DEWA from 'BBB—' to 'BBB.' The upgraded rating by S&P primarily reflects DEWA's strong performance and abundant liquidity.
"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 HE 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," concluded Al Tayer.
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