Dubai Investments Bullish on Ending Junk Status: Islamic Finance
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Dubai Investments PJSC, whose profit jumped 240 percent in the second quarter after it sold assets, says it may be on the cusp of its first ever investment-grade rating as it bolsters cash holdings.
The company expects the credit rating to be increased by year-end to at least BBB, two steps above junk, according to Chief Executive Officer Khalid bin Kalban. Its Dubai Investments Park Development Co. LLC unit, which raised $300 million from an Islamic bond in February, holds a BB+ grade at Standard & Poor’s. Dubai Investments sold a 66 percent stake in Globalpharma Co. LLC, which was valued at 385 million dirhams ($105 million), to Sanofi in June.