Moody's cuts 7 UAE issuers

Moody's Investors Service said it downgraded the ratings on seven government-related issuers owned by the Abu Dhabi and United Arab Emirates governments, concluding a review for downgrade that began in December.

Mubadala Development Co.'s ratings were downgraded to Aa3/prime-1 ratings from Aa2/prime-1. The outlook is stable.

International Petroleum Investment Co.'s ratings were downgraded to Aa3/prime-1 from Aa2/prime-1. The outlook is stable.

Tourism Development & Investment Co.'s ratings were downgraded to A1 from Aa2. The outlook is stable.

Abu Dhabi National Energy Co.'s ratings were downgraded to A3/prime-2 from Aa2/prime-1. The outlook is stable.

Emirates Telecommunications Co.'s (Etisalat) ratings were downgraded to Aa3 from Aa2. The outlook is stable.

Dolphin Energy Ltd.'s ratings were downgraded to A1 from Aa3. The outlook is stable.

Aldar Properties PJSC's ratings were downgraded to Ba1 from Baa2. The outlook is negative.

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