MOODY's Investors Service has retained its Baa3 rating for DP World on the grounds of its first half increase in a revenue boost of US$1.5 billion from $1.46 billion year on year and a 22 per cent increase in pre-tax profit.

    "Despite the greater weight of emerging markets, DP World nevertheless maintains a solid footing in developed markets, with ports supporting logistics and trade activities in a number of western European locations," said Moody's of the world's third biggest container terminal operator.

    "Stable container revenues accounted for 80 per cent of the group's total, further to the addition of handling capacities in India, Pakistan and China," said Moody's.

    "DP World has also continued to focus on cost management and has demonstrated its ability to command price increases (with like-for-like revenues per standard container rising to US$93 in H1 211 versus $90 in H1 100), resulting in a 22 per cent increase in reported EBITDA margins, excluding one-off items.

    "The H1 2011 results show that DP World has a healthy cash balance of $4.1 billion as of June 2011 relative to moderate debt maturities to 2017 (except a $3 billion syndicated facility that is scheduled to mature in September 2012."

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