The rating of the ECP is in line with Mubadala Development Company's (Mubadala) Short-term Issuer Default Rating of 'F1+'. The notes under the ECP 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 its other unsecured obligations.
Mubadala is an Abu Dhabi-based diversified development and investment group. Fitch has applied its parent and subsidiary rating linkage methodology in rating Mubadala, given the strong relationship between the company and the Emirate of Abu Dhabi (Abu Dhabi, rated 'AA'/Stable/'F1+'). As such, Mubadala's ratings are aligned with Abu Dhabi's sovereign ratings.
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Fitch Rates Mubadala Development Company's ECP programme Short-term 'F1+'
- United Arab Emirates: Tuesday, February 02 - 2010 at 14:03
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Fitch Ratings has today assigned Mubadala Development Company - MDC GMTN B.V.'s (MDC) euro commercial paper programme (ECP) a Short-term rating of 'F1+'.
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Posted by Rana MesbahTuesday, February 02 - 2010 at 14:03 UAE local time (GMT+4)
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