Dubai – Mubasher: Moody's Ratings has upgraded the long-term issuer rating of Dubai Electricity and Water Authority (DEWA) from ‘Baa2’ to ‘A3’, with stable outlook.

Moody’s attributed the rating to DEWA's dominant market position in Dubai's power and water sectors, in addition to its strong asset base, according to a press release.

The rating agency also highlighted the company’s strong credit metrics and solid liquidity profile.

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, commented: “The rating upgrade reflects favourable economic and fiscal developments in the emirate of Dubai, which will translate into improved financial and operating results for the company.”

“DEWA’s robust asset base, low overall leverage, strong operating cashflow provide enhanced certainty of consistent dividend for our valued shareholders,” Al Tayer added.

In the first quarter (Q1) of 2024, DEWA posted lower net profits attributable to the owners at AED 647.42 million, compared to AED 742.76 million in Q1-23.