Dubai Investments Park Development Company LLC [DIPDC], a wholly-owned subsidiary of Dubai Investments PJSC, has announced that its long-term corporate credit rating has been upgraded to ‘BB+’ from ‘BB’ by Standard & Poor’s Ratings Services[S&P] with a Stable Outlook on the basis of stronger liquidity. This also represents the overall assessment of DI group’s credit profile.
The DIPDC rating upgrade follows the Dhs1.1 billion, five-year sukuk issued by its subsidiary DIP Sukuk Ltd in February 2014, which significantly strengthened the group’s liquidity. S&P also raised the Sukuk issue ratings from ‘BB’ to ‘BB+’.
Dubai Investments Park is a unique, self-contained mixed-use industrial, commercial and residential complex operated by DIPDC. Spread across an area of 23 square kilometers, it is a city within a city offering world-class infrastructure and outstanding facilities and services.
Khalid Kalban, Chairman of DIPDC and MD & CEO of Dubai Investments PJSC, said: “The upgrade in the ratings by Standard & Poor’s is a major endorsement for DIPDC and reflects the improved liquidity within the DI group, following the successful Sukuk issue earlier this year and our strong growth potential.”
He added: “As a benchmark rating, this positions us well to take advantage of favourable market conditions, with a view to enhance our overall shareholder value.”
This S&P Stable Outlook is based on its expectations of growing earnings from the company’s property rental portfolio with long-term leases.The ratings report highlighted the key strengths of DIP, especially its strategic location and high occupancy across industrial and warehouse spaces.
DIP is one of the largest integrated business and residential communities in the Middle East. Strategically located within minutes from the Jebel Ali Port and the Al Maktoum International Airport at Dubai World Central, DIP is a self-contained city featuring state-of-the-art facilities and world-class infrastructure.