Moody’s ups IPIC, Mubadala, TDIC

Moody's Investors Service said it upgraded all the long-term issuer ratings to Aa2 for International Petroleum Investment Co. (IPIC) from Aa3, for Mubadala Development Co. PJSC (Mubadala) from Aa3 and for Tourism Development and Investment Co. PJSC (TDIC) from A1.

At the same time, the agency affirmed the P-1 short-term ratings for IPIC and Mubadala.

The outlooks are stable.

Ratings for debt issued by the respective issuers and their subsidiaries were also upgraded to Aa2.

"The Abu Dhabi government has not only made public statements of very high support for its owned entities, but also set over time a track record of material support for highly visible and strategic projects in the emirate," Martin Kohlhase, Moody's vice president, senior credit officer and local market analyst based in Dubai, said in a news release.

"IPIC, Mubadala and TDIC remain intrinsically linked to the government of Abu Dhabi by virtue of being wholly owned entities and being vehicles of public policy."

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