Moody’s lifts Dubai Electricity, bonds

Moody's Investors Service said it upgraded the long-term issuer rating of Dubai Electricity & Water Authority (DEWA) to Baa1 from Baa2, the provisional rating of its senior unsecured global medium-term note program to provisional Baa1 from provisional Baa2 and the ratings of the two senior unsecured notes issued under the program (due in 2016 and 2020 and amounting to $2 billion in total) to Baa1 from Baa2.

The outlook is stable.

"The upgrade to Baa1 reflects the continued improvement in DEWA's financial profile over the last couple of years, since the company's rating was upgraded to Baa2," Moody’s analyst Julien Haddad said in a news release.

"The upgrade also reflects DEWA's strong liquidity driven by the company's ability to continuously generate positive free cash flows."

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