Fitch rates Mubadala Development bonds AA

Fitch Ratings said it assigned final senior unsecured ratings of AA on MDC-GMTN BV's dual tranches of $750 million of five-year bonds maturing in 2016 and $750 million of 10-year bonds maturing in 2021.

The notes are issued under MDC's global medium-term note program. MDC was established as a special purpose vehicle for the sole purpose of issuing notes under the program.

The rating is in line with Mubadala Development Co. PJSC's AA issuer default rating and senior unsecured rating.

The notes are unconditionally and irrevocably guaranteed by Mubadala. The obligations under the guarantee will be direct, unconditional, unsubordinated and unsecured obligations of Mubadala and will rank equally with all other unsecured obligations, Fitch said.

Mubadala has long-term local- and foreign-currency issuer default rating of AA, foreign-currency senior unsecured rating of AA and short-term issuer default rating at F1+.

The agency said it believes a strong relationship exists between the company and the Emirate of Abu Dhabi, so Mubadala's ratings are aligned with Abu Dhabi's sovereign rating.

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