Fitch Ratings recently upgraded DP World Limited’s [1] long-term Issuer Default Rating (IDR) to BBB from BBB- and its short-term IDR to F2 from F3. The rating outlook is stable, the company announced yesterday. The upgrade follows on the Fitch announcement in November 2015 that DP World’s outlook had been revised to Positive from Stable. It reflects strong performance and stable cash flow generation supported by geographical diversification, high utilisation rate of terminals and the long-term maturity of main flagship operation in Jebel Ali, Dubai, UAE. Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said that the upgrade recognises the strength and resilience the company’s portfolio has shown in both favourable and challenging market conditions, alongside continued progress and long-term growth potential, adding that management remains committed to delivering growth through continued disciplined investments and managing leverage. DP World’s current ratings for all three entities DP World Limited, DP World Sukuk Limited, and DP World Crescent Limited are as follows: i) Moody’s: long-term Baa3 and outlook stable; and ii) Fitch: long-term BBB, short-term F2, and outlook stable. (Source: company disclosure)   DP World: USD18.7 as of 22 August 2016, Rating: Buy, FV: USD22.0 per share, MCap: USD15,521mn, DPW DU / DPW DI