Standard & Poor's Ratings Services said today that it affirmed its 'AA' long- and 'A-1+' short-term corporate credit ratings on the operating holding company Mubadala Development (Mubadala) based in Abu Dhabi in the United Arab Emirates (UAE). The outlook is stable.
"The ratings on Mubadala, the Abu Dhabi government's principle vehicle for diversifying the local economy away from hydrocarbon revenues, are based on an equalization with the ratings of the Emirate of Abu Dhabi (AA/Stable/A-1+)," said Standard & Poor's credit analyst Farouk Soussa.
This reflects our view that, as per our enhanced criteria for rating government-related entities (GREs), the economic role played by Mubadala is "critical" to the government of Abu Dhabi, and the link between the company and the government is "integral" Thus, our assessment is that extraordinary support from the government of Abu Dhabi in the event of financial distress at Mubadala is "almost certain".
No comments:
Post a Comment