S&P lifts Dubai Electricity view to positive

Standard & Poor's said it affirmed the BBB- long-term corporate credit rating on Dubai Electricity and Water Authority.

The agency also said it revised the outlook to positive from stable.

The outlook revision reflects the recently announced completion of a key project to increase generation capacity and a view of slightly lower energy demand growth in Dubai, S&P said.

The agency said it believes these will lead to a reduction in capital expenditure and positive discretionary cash flow generation that can be used for debt reduction in coming years.

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