Moody's rates Senaat issue A3

Moody's Investors Service said it assigned an A3 long-term issuer rating to Senaat General Holding Corp. PJSC.

Moody's also said it assigned a provisional A3 rating to Senaat's $3 billion trust certificate issuance program established under Senaat Sukuk Ltd., a Cayman Islands special purpose vehicle.

The outlook is stable.

As a wholly owned entity of the government of Abu Dhabi, Moody's said it classified Senaat as a government-related issuer, Moody's said.

The company's A3 long-term issuer rating incorporates a baseline credit assessment of Ba1, combined with four notches of government issuer uplift, the agency said.

The ratings are underpinned by a good track record of growth and profitability, industry diversification, deleveraged financial profile and supportive domestic environment, Moody's said.

© 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.