Fitch rates Mubadala AA

Fitch Ratings said it assigned Group Mubadala Development Co. PJSC issuer default and senior unsecured ratings of AA and a short-term rating of F1+.

The outlook is stable.

The ratings are based on the strong relationship that exists between Mubadala and the Emirate of Abu Dhabi, which is rated AA with stable view, Fitch said. As such, the rating has been aligned with the sovereign rating of Abu Dhabi.

Mubadala is in the early stage of its development, and lacking positive cash flow generation due to its large investment needs, the agency said. Also, there is limited public financial information available about the group, Fitch added.

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