Fitch rates Mubadala notes AA

Fitch Ratings said it assigned Mubadala Development Co. MDC GMTN BV's global medium-term note program a final senior unsecured rating of AA, along with AA ratings on its issue of $1.25 billion 5¾% notes May 6, 2014 and $500 million 7.625% notes May 6, 2019.

The program's final rating follows a review of its final terms and conditions.

The rating is in line with Mubadala Development Co. PJSC's long-term issuer default rating and senior unsecured rating of AA with stable view, Fitch said.

The notes will be unconditionally and irrevocably guaranteed by Mubadala, the agency said. 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.

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