Fitch upgrades Abu Dhabi Ports

Fitch Ratings said it upgraded Abu Dhabi Ports Co. PJSC's (ADP) long-term issuer default rating to AA- from A+ and its euro medium-term notes program and its $1 billion of senior unsecured notes due 2031to AA- from A+.

The agency said it also removed ADP's ratings from under criteria observation. The outlook is stable.

“The upgrade is driven by our assessment of the likelihood of exceptional support by Abu Dhabi government to ADP following our updated government-related entities (GRE) rating criteria on Jan. 12, 2024. ADP is rated one notch below Abu Dhabi (AA/stable) based on a top-down rating approach, which reflects our assessment of its strong linkages with the Abu Dhabi government,” Fitch said in a press release.

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