trending Market Intelligence /marketintelligence/en/news-insights/trending/Sv9Yz5vUQ1BsFXvoOxMzlg2 content esgSubNav
In This List

S&P affirms Dubai Investments Park Development rating

Blog

Insight Weekly: Layoffs swell; energy efficiency PE deals defy downturn; 2023 global risk themes

Blog

Insight Weekly: Energy crisis cripples Europe; i-bank incomes rise; US holiday sales outlook

Blog

Japan M&A By the Numbers: Q3 2022

Blog

Insight Weekly: Reviving nuclear power; 2023 outlook for US financials; PE funds fuel EV sector


S&P affirms Dubai Investments Park Development rating

S&P Global Ratings affirmed its BB+ issuer credit rating on Dubai Investments Park Development Co. LLC, with a negative outlook.

The rating agency said that although the property company's parent, Dubai Investments PJSC, experienced an increase in financial leverage due to additional investments in real estate developments and the Emirates District Cooling L.L.C. buyout, the increase is temporary.

The ratings affirmation takes into account the expectation by S&P that the company could sell a stake in Emicool in 2019.

The negative outlook factors in S&P's expectation that there is at least a one-in-three chance that adjusted debt-to-EBITDA at Dubai Investments PJSC will remain above 4.0x in 2019, which could lead to a downgrade. The outlook also reflects the chances that the potential Emicool share sale could be delayed or that additional investments in its land monetization plan, together with a weaker Dubai real estate market, prevent a meaningful recovery in credit metrics in 2019.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.