While investors are currently skeptical of pretty much any Middle East corporate, Moody's has stressed the Abu Dhabi government's "pervasive influence and positive interventionist nature on Abu Dhabi's development".
This year alone, the Abu Dhabi government has bailed out the state-owned property developer, Aldar, and the district cooling company, Tabreed (district cooling companies build centralised infrastructure that provides air conditioning to entire neighbourhoods.) Its strategic investment company, Mubadala, fully incorporated ATIC, the semiconductor business established by the government in 2008, giving it access to an almost-sovereign credit profile; another sovereign-guaranteed investment vehicle, IPIC, bought out Cepsa, Spain's second-largest oil company, in which it had previously acquired a minority stake.
From Moody's:
Moody's Investors Service considers support by Abu Dhabi for its strategic state-owned companies as being highly probable. Additionally, Moody's expects that support may from time to time also be provided on a case-by-case basis to other private companies, which, in the government's view, have a strong and strategic linkage either to the Emirate's economic development or the pursuit of its other broader strategic policy mandates.
No comments:
Post a Comment