Fitch gives AA to MDC-GMTN bond

Fitch Ratings said it assigned MDC-GMTN BV's proposed dollar-denominated senior unsecured bond issue an expected long-term foreign currency rating of AA(EXP).

The bonds will be issued by MDC-GMTN, a full subsidiary of Mubadala Development Co. PJSC, under its global medium term note program, and will be unconditionally and irrevocably guaranteed by Mubadala. The bonds will be issued in two tranches of seven years and 12 years and will have a bullet repayment.

Fitch said the bonds are rated at the same level as Mubadala due to the unconditional and irrevocable guarantee provided by Mubadala. Bond proceeds will be used for general corporate purposes.

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