Fitch affirms Mubadala Development

Fitch Ratings said it affirmed Mubadala Development Co. PJSC's long-term issuer default rating and senior unsecured rating at AA and its short-term issuer default rating at F1+. MDC GMTN BV's global medium-term note program with $1.85 billion of notes outstanding also is affirmed at AA.

The outlook is stable.

The agency said it believes that a strong relationship exists between the company and the Emirate of Abu Dhabi. As such, Mubadala's rating is aligned with Abu Dhabi's sovereign rating.

Mubadala is at a relatively early stage in its development and is investing substantially in new projects, Fitch said, so capital and investment expenditures are comparatively high in relation to its revenues and operating income.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.