Dubai Investments Park’s (DIP) long-term corporate credit rating has been upgraded to BB+ from BB by the US rating agency Standard & Poor’s (S&P), with  a stable outlook.

The rating was granted due to the company’s improved liquidity position, which was strengthened earlier this year following DIP’s 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 Dubai’s major Jebel Ali Port and the new Al-Maktoum International airport at Dubai World Central economic zone.

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