Fitch Ratings has affirmed Abu Dhabi-based Tourism Development & Investment Company’s (TDIC) long-term issuer default rating (IDR) and senior unsecured rating at AA and short-term IDR at F1+, the agency said in a statement, adding that the outlook for the long-term IDR is stable.
The affirmation also affects both TDIC Finance’s global medium-term note programme with $1 billion of outstanding notes and TDIC Sukuk’s Sukuk programme with $1bn of outstanding trust certificates.
Fitch applied its parent and subsidiary rating linkage methodology in rating TDIC, concluding that a strong relationship exists between TDIC and the Emirate of Abu Dhabi (AA/Stable/F1+), which results in TDIC’s rating being aligned with Abu Dhabi’s sovereign rating. The primary rating driver for TDIC is its strong ties to the sovereign. The agency would not be able to rate this entity on a standalone basis due to its very limited operational assets.
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