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Moody's assigns DP World's hybrid instruments 'Ba2' rating

Moody's assigns DP World's hybrid instruments 'Ba2' rating
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Dubai – Mubasher: Moody's Investors Service (Moody's) has assigned DP World's proposed subordinated perpetual notes and DP World Salaam's Sukuk certificates the 'Ba2' rating, with a stable outlook, Reuters reported.

The Moody's rating to the proposed hybrid instruments is two notches lower than DP World's Baa3 senior unsecured and issuer rating, as the notes will be subject to the senior unsecured obligations of DP World and its subsidiaries, according to a press release on Monday.

Meanwhile, the hybrid Sukuk certificate holders will not be exposed to the underlying performance risk of the relevant portfolio of Sukuk assets and will only have rights against DP World on a subordinated basis, the rating agency's referred.

It is noteworthy to mention that on Monday, a document showed that the Dubai-based logistics company has hired banks because it may issue perpetual US dollar-denominated Sukuk non-callable for 5.5 years.

The company is also considering the issuance of euro-denominated bonds for six years.