Moody's reviews UAE GRIs

Sunday, 07 March 2010

Moody's Investors Service has taken a number of rating actions on its seven government-related issuers owned by the Abu Dhabi and UAE governments, thereby concluding its review for downgrade initiated on December 9, 2009.

All seven companies saw their ratings downgraded, some by several notches. Ratings affected by the announcement included the following:

Mubadala Development Company: Aa3/Prime-1, stable outlook, from Aa2/Prime-1

International Petroleum Investment Company: Aa3/Prime-1, stable outlook, from Aa2/Prime-1

Tourism Development & Investment Company: A1, stable outlook, from Aa2

Abu Dhabi National Energy Company: A3/Prime-2, stable outlook, from Aa2/Prime-1

Emirates Telecommunications Company: Aa3, stable outlook, from Aa2

Dolphin Energy: A1, stable outlook, from Aa3

Aldar Properties: Ba1, negative outlook, from Baa2.