DUBAI, Nov 23 (Reuters) - The privatisation of Dubai Electricity & Water Authority (DEWA) could be credit negative for the state-backed utility due to risk the government may seek to enhance value for prospective shareholders at the expense of creditors, Moody"s said in a statement. The Dubai government plans a stock market flotation of utility DEWA, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse, it announced earlier this month . read more Moody"s, which rates DEWA at Baa2, said there is a risk that the company"s financial policies will become more aggressive as a result of the privatisation and that could deteriorate its credit metrics. "DEWA"s credit metrics are currently very strong, thanks to a supportive tariff structure and conservative financial policies that have resulted in a strong balance sheet," Moody"s noted. An adjustment of company"s dividend policy or leverage to levels similar to other listed utilities in the region would lead to a material deterioration of the company"s credit metrics and financial profile, it said. Reporting by Saeed Azhar; editing by David Evans