(Source: Info-Prod Research (Middle East))COMPANY LIMITEDMoody's Investors Service has confirmed the A1rating on the Notes issued by Thor Asset Purchase Company Limited (the"Issuer") due 2036. The rating confirmation is stable and considers Moody's rating action on the ratings of Dubai Electricity and Water Authority ("DEWA") on 4 November 2009, but is driven by the explicit guarantee from theGovernment of Dubai for DEWA's obligation to provide liquidity sufficientto repay the Notes. Methodology used: This transaction is a securitisation of a revolving pool of utility (water and electricity) receivables from designatedaccounts of certain customers of DEWA. Therefore, the cashflows thatback the Notes issued by the Issuer rely on the ability of DEWA tocontinue generating the utility receivables during the life of thetransaction. Due to this and the presence of the guarantee, Moody'sconsiders the ratings on the Notes to be directly linked to thecreditworthiness of both DEWA and the Government of Dubai.

Originally published by Info-Prod Strategic Business Information.

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