Dubai – ​Mubasher: Moody's Investors Service has placed “A3” long-term issuer rating to the UAE General Holding Corporation (Senaat).

The New York-based rating agency has also assigned a (P)A3 rating to Senaat's $3 billion trust certificate issuance programme established under Senaat Sukuk Limited, a Cayman Islands special purpose vehicle, according to a recent statement.

The outlook on all ratings is “Stable”, Moody’s said.

It is noteworthy that this is the first time for Moody's to assign a rating to Senaat.

“As a wholly-owned entity of the Government of Abu Dhabi (Aa2 stable), Moody's has classified SENAAT as a government-related issuer (GRI). The company's A3 long-term issuer rating incorporates a baseline credit assessment (BCA), a measure of standalone credit quality, of ba1 combined with four notches of GRI uplift,” Moody’s added.