Moody’s rates Private Department notes Ba1

Moody's Investors Service said it assigned Ba1 ratings Private Department of Sheikh Mohamed Bin Khalid Al Nahyan LLC and its planned benchmark- sized initial drawdown under its $1 billion backed senior unsecured trust certificate program.

The certificates will be issued by PD Sukuk Ltd., a Cayman Islands special purpose vehicle.

The Ba1 corporate family rating considers Private Department’s portfolio of high-quality, mainly residential real estate in prime central locations in Abu Dhabi valued at AED 4.5 billion at the end of December, a track record of robust occupancy of around 95% and an improving outlook for market rental prices in Abu Dhabi based on an expectation of GDP growth in the emirate of 3.2% in 2021 and 4.4% in 2022, Moody’s said.

The outlook is stable.

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