* username: rupertbu
Mubadala Development Co. and International Petroleum Investment Co. were cut to Aa3 from Aa2, Tourism Development & Investment Co. to A1 from Aa2, Abu Dhabi National Energy Co., also known as Taqa, to A3 from Aa2 and Dolphin Energy Ltd. to A1 from Aa3, Moody’s said in a report today. Emirates Telecommunications Co. was cut to Aa3 from Aa2. Aldar Properties PJSC was downgraded two levels to Ba1, below investment grade, and given a negative outlook, Moody’s said.
Moody’s decided to introduce a "moderate" distinction between the ratings of Mubadala, IPIC and TDIC “and that of the sovereign given that no explicit formal agreement exists obligating the government to support them under all circumstances,” Philipp Lotter and David Staples wrote.