Standard & Poor's Ratings Services said today that the ratings on four Abu Dhabi-based government-related entities (GREs) are unaffected by the recently publicized directive on public debt policy, endorsed by the Abu Dhabi Executive Council. The entities are:
-- Abu Dhabi National Energy Co. PJSC (TAQA) (A/Stable/--)
-- International Petroleum Investment Co. (IPIC) (AA/Stable/A-1+)
-- Mubadala Development Co. PJSC (AA/Stable/A-1+)
-- Tourism Development and Investment Co. P.J.S.C. (TDIC) (AA/Stable/A-1+)
In our view, the public debt policy does not change the government's perception of the role for and link to the government of these four entities. The policy does not change our current view of the government's capacity or willingness to support these GREs in the event of their financial distress. Hence, our ratings on these entities are unaffected by the public debt policy.
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