S&P rates DEWA BBB-

Standard & Poor's said it assigned a BBB- long-term corporate credit rating to Dubai Electricity and Water Authority (DEWA), which is fully owned by the Emirate of Dubai.

The outlook is stable.

The ratings reflect the high likelihood that the Dubai government would provide timely and sufficient extraordinary support for DEWA in the event of financial stress, S&P said.

The rating also takes into account DEWA's stand-alone credit profile, which is assessed at BB-, the agency said.

The company plans an important role in providing essential power generation, transmission and distribution services of Dubai, S&P said, and in meeting the government's key economic and social objectives.

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