DEWA (Dubai Electricity and Water Authority) has issued a statement that payment on the Thor Asset Purchase Company ("TAPC") securities has not been accelerated.
TAPC is an asset backed security ("ABS") based on DEWA customer electricity receivables.
Apparently, the transaction requires that DEWA maintain a Fitch rating above BBB or the purchasers have the right to demand early repayment.
Middle East Economic Digest ("MEED") has the fullest story I've seen to date.
That is, in a nutshell, that the holders of TAPC waived the right to early repayment. It's unclear whether the waiver was absolute or whether it was conditional.
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