S&P upgrades DEWA to BBB+ with stable outlook

Dubai - MENA Herald: The credit rating agency Standard & Poor’s (S&P) has raised its long-term corporate credit rating for Dubai Electricity and Water Authority (DEWA) to 'BBB+' from 'BBB' with a stable outlook.
The upgraded rating from Standard & Poor's is due to outstanding performance and sustained growth by DEWA. S&P expects a strong financial performance from DEWA, as well as positive growth in demand for power and water in Dubai over the next two years.
S&P expects DEWA to remain a key enabler of the government's strategy and continue as a majority partner in all new Independent Power and Water Producers (IPWPs).
DEWA is working to achieve the UAE vision 2021 and Dubai Plan 2021, which set ambitious initiatives including a roadmap and development projects that combine economic growth and sustainability of energy, clean and safe environment, and to promote its vision to become a sustainable innovative world-class utility. DEWA is delivering government services and adopting global best practices to achieve the highest satisfaction and happiness of people.