Fitch assigns Mubadala Development Company's GMTN programme final 'AA' rating

Fitch has also assigned notes issued under the programme a 'AA' rating as shown below.

Issue of $1.250bn 5.75% notes due 6 May 2014; assigned a 'AA' rating

Issue of $500m 7.625% notes due 6 May 2019; assigned a 'AA' rating

The programme's final rating follows a review of its final terms and conditions which conform to information already received when Fitch assigned the senior unsecured programme an expected 'AA' rating. MDC has been established as a special purpose vehicle for the sole purpose of issuing notes under the GMTN programme.

The rating of the GMTN programme is in line with Mubadala Development Company PJSC's (Mubadala) Long-term Issuer Default Rating (IDR) and senior unsecured rating of 'AA', respectively. The Outlook on the IDR is Stable.

The notes will be unconditionally and irrevocably guaranteed by Mubadala. The obligations under the guarantee will be direct, unconditional, unsubordinated and unsecured obligations of Mubadala and will rank equally with all other unsecured obligations.

Notes issued under the GMTN programme will also constitute direct, unconditional, unsubordinated and unsecured obligations of MDC and will rank equally among themselves and with all other unsecured obligations of MDC.

The terms and conditions of the GMTN documentation include a change of control clause, a negative pledge clause and a cross default provision. English law is applicable.

Mubadala is an Abu Dhabi-based diversified business development and investment company. Fitch has applied its parent and subsidiary rating linkage methodology to assess the strong relationship between Mubadala and the Emirate of Abu Dhabi (Abu Dhabi, rated 'AA'/Stable). As such, the rating of Mubadala has been aligned with Fitch's sovereign rating of Abu Dhabi.

Mubadala is focused on developing and managing an extensive and economically diverse portfolio of investment initiatives.

Mubadala's commercial strategy is fundamentally built on long-term capital-intensive investments that deliver strong financial returns. The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives.