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Moody's Investors Service has changed the outlook to positive from stable for Dubai Electricity and Water Authority (DEWA) including related entities (DEWA Funding Ltd. and its guaranteed debt instruments.
At the same time, Moody's has converted DEWA's issuer rating into a Ba2 corporate family rating (CFR) and assigned a probability of default rating (PDR) of Ba2, in line with the rating agency's practice for corporate issuers with non-investment-grade ratings.