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Moody's affirms ratings of 3 UAE firms

Moody's affirms ratings of 3 UAE firms
Moody's headquarter (Photo Credit: Arabianeye - Reuters)
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ETISALAT
0.33% 18.32 0.06

Abu Dhabi-Mubasher: Moody's Investors Service confirmed the ratings of International Petroleum Investment Company (IPIC) and Mubadala Development Company at Aa2, and Etisalat at Aa3, with a negative outlook.

The agency’s ratings followed the confirmation of the Aa2 long-term issuer rating of both the governments of UAE and Abu Dhabi, according to a report published.

“The confirmation of Etisalat's Aa3 ratings with a negative outlook factors Moody's recent rating action on the UAE,” the report said.

“This linkage is predicated by Etisalat's standalone baseline credit assessment rating of a2, benefiting from uplift to the overall Aa3 long term issuer rating attributed to Etisalat's 60% UAE ownership, coupled with strong support and high dependence assumptions under Moody's government related issuer rating methodology,” Moody’s noted in the report.