Dubai Investments Parks (DIP) long-term corporate credit rating has been upgraded to BB+ from BB by the US rating agency Standard & Poors (S&P), with a stable outlook.
The rating was granted due to the companys improved liquidity position, which was strengthened earlier this year following DIPs February AED1.1 billion ($300m), five-year sukuk.
The company will use $218m of the issuance to refinance existing debt. A total of $10m will be used to finance the completion of phase 8 of its mixed-use property development in Dubai.
DIP, a wholly owned subsidiary of Dubai Investments, is a self-contained, mixed-use industrial, commercial and residential complex covering 23 square kilometres.
It is situated near Dubais major Jebel Ali Port and the new Al-Maktoum International airport at Dubai World Central economic zone.