S&P cuts port operator DP World's debt rating
NEW YORK, April 7
NEW YORK, April 7 (Reuters) - Standard & Poor's cut port operator DP World Ltd's DPW.DI debt rating by one notch on Wednesday, reflecting a view on its stand-alone credit profile and expectations that the Dubai government will not provide any extraordinary support.
The credit rating agency cut DP World Ltd.'s credit rating deeper into junk territory, to BB with a negative outlook, from BB-plus, S&P said in a statement. A BB rating is two steps below investment grade. The rating had been on CreditWatch negative since December, S&P said.
On March 25, the Dubai government unveiled a $9.5 billion restructuring plan for its debt-laden Dubai World conglomerate in a plan to give bank lenders their money back in five to eight years and repay two key bonds. [ID:nLDE62O010] (Reporting by John Parry and Camille Drummond; Editing by Padraic Cassidy)