S&P rates Emirates Sembcorp Water bonds A-

S&P said it assigned a preliminary A- long-term rating to the $400 million senior secured bonds maturing Aug. 1, 2035 to be issued by Emirates Sembcorp Water & Power Co.

The agency said the preliminary rating reflects the bbb assessment of the company’s operations-phase stand-alone credit profile.

S&P said the rating also reflects an opinion that there is a moderately high likelihood that the Emirate of Abu Dhabi (AA/stable/A-1+) would provide timely and sufficient extraordinary support to the company in the event of financial distress.

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