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DP World’s Baa2 rating affirmed as global diversification and liquidity underpin outlook
Moody’s maintains DP World’s stable outlook, citing strong global footprint, liquidity buffers and resilience in earnings despite short-term regional trade adjustments
- PUBLISHED: Thu 25 Jun 2026, 9:00 AM
Moody’s Ratings has affirmed the Baa2 long-term issuer rating of DP World, maintaining a stable outlook as the global ports operator continues to benefit from geographic diversification and strong liquidity.
The agency said the rating reflects expectations that DP World’s credit profile will remain resilient, supported by its broad international operations and financial flexibility. “The affirmation reflects our expectation that DP World’s credit profile, supported by strong geographic diversification and a robust liquidity position, will remain resilient,” said Aziz Al Sammarai, AVP–Analyst at Moody’s Ratings.
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A key strength underpinning the rating is the company’s global footprint, with operations outside the UAE accounting for around 77 per cent of its network and contributing more than 60 per cent of revenue and EBITDA in 2025. This diversification is expected to support overall earnings, even as some regional trade flows adjust over the near term.
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Moody’s forecasts consolidated EBITDA to moderate to about $5.9 billion in 2026, from $6.6 billion in 2025, before recovering to roughly $6.7 billion in 2027. Growth in non-UAE operations, aligned with economic activity across key markets, and contributions from recent acquisitions are seen offsetting temporary softness in certain segments.
The agency also highlighted DP World’s strong liquidity position as a core credit strength. As of 2025, the company held $4.6 billion in unrestricted cash, alongside access to credit facilities and expected funds from operations of about $7.7 billion through 2027. These resources are expected to comfortably meet upcoming financial commitments, including debt maturities and capital expenditure plans.
Financial metrics remain broadly aligned with the Baa2 rating, with retained cash flow to debt projected to improve to around 11 per cent by 2027, while cash interest coverage is expected to recover towards 3.5 times.
Moody’s added that the stable outlook reflects DP World’s ability to manage global trade cycles through its diversified asset base, long-term concessions and flexible cost structure, positioning the group to capture growth in international container traffic over the longer term.
Associate Editor Somshankar Bandyopadhyay brings more than three decades of experience to the KT newsroom. Currently, he manages the news production of the business section, ensuring that the top economic and business news of the day reaches its readers.