Moody’s: DP World Salaam’s Proposed Reset Subordinated Perpetual Sukuk Rated Ba2, Outlook Stable

Moody’s Investors Service (Moody’s) has assigned a Ba2 rating to DP World Salaam (DPWS)’s proposed reset subordinated perpetual Sukuk certificates, along with a Stable Outlook. DPWS is a special purpose vehicle established by DP World (DPW). Moody’s has also assigned the same rating for the proposed benchmark sized reset subordinated perpetual notes. The proposed perpetual notes and Sukuk certificates are collectively referred to as hybrid instruments.

The assigned Ba2 ratings ranks two notches below DPW’s Baa3 senior unsecured and issuer rating, as these hybrid instruments will be deeply subordinated to the senior unsecured obligations of DPW and its subsidiaries, ranking...