Moodys Upgrades DP Worlds Ratings Outlook Stable

first_imgzoomImage Courtesy: DP World The long-term issuer rating of Dubai-based terminal operator DP World Limited has been upgraded to Baa1 from Baa2, Moody’s rating agency said.“Our decision to upgrade DP World’s ratings reflects a strong track record in managing its business through industry cycles as well as achieving its growth ambitions, while maintaining a healthy financial profile,” Rehan Akbar, a Moody’s Vice President — Senior Analyst, said. “DP World’s growing scale and geographic footprint has increased its business resilience which Moody’s now sees as more appropriately reflected in the Baa1 rating.”The rating action reflects its diversified global operations; the positive expected long-term growth in international container traffic; its solid profitability and liquidity profile; its expected adherence to leverage targets as proven by management’s track record; and its flexibility to delay capex to support the balance sheet if needed.The risk of escalation in trade tensions between the USA and its key trading partners creates significant uncertainty in global trading conditions and is a downside risk for DP World. Moody’s believes the increased uncertainty will adversely impact business confidence and delay investment decisions leading to a weaker global trade outlook in H2 2018 and potentially well into 2019.Additionally, the company’s outlook on all ratings is stable, reflecting Moody’s view that DP World will remain resilient over an industry cycle as a result of its broad geographic footprint and financial flexibility.last_img read more

Fire officials in Saskatchewan dont know what caused blaze that killed two

first_imgThe Canadian Press LOON LAKE, Sask. _ Fire officials say they don’t know what caused the blaze that killed two children on a northern Saskatchewan reserve last week.Two-year-old Harley Cheenanow and his 18-month-old sister, Haley, died after the fire broke out at their grandmother’s house.The volunteer fire department in nearby Loon Lake was called but didn’t respond, because service to the reserve had been cut weeks earlier over unpaid bills.Investigators said Wednesday the source of the fire can’t be determined because of the  “complete burn” nature of the blaze.“(We) have confirmed that a battery-operated smoke detector was in the home at the time of the fire, but it is not known if it was in normal working condition,” said a statement from Emergency Management and Fire Services.RCMP officers were the only first responders that showed up to help as the fire raged.The grandmother managed to get out alive but the children, carried out of the burning home by their father, died at the scene.Chief Richard Ben of the Makwa Sahgaiehcan First Nation has said his reserve has a working fire truck, but they don’t have enough money for proper equipment or to train crews to use it.Perry Bellegarde, national chief of the Assembly of First Nations, said in a letter to the federal government last week that First Nations receive insufficient funding to ensure a safe and healthy environment.He said the situation has reached a “critical level” and asked for a meeting with Aboriginal Affairs Minister Bernard Valcourt.Valcourt has said Makwa Sahgaiehcan, like all other reserves, gets sufficient funding for fire services and it’s up to band officials to decide how the money is spent.In his letter, Bellegarde also said the government policy that caps annual funding increases for First Nations at two percent needs to change.“The lifting of the two per cent cap and replacing it with an appropriate escalator is a good place to start,” he wrote.Valcourt’s office has indicated the minister has agreed to meet with Bellegarde.(The Canadian Press)last_img read more