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Moody's affirms Masdar's 'A2' rating; outlook stable

Moody's affirms Masdar's 'A2' rating; outlook stable
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UAE - Mubasher: Moody's Investors Service (Moody's) has affirmed the A2 long-term issuer rating of Abu Dhabi Future Energy Company (Masdar), with a stable outlook.

The rating action is based on the partnership between Masdar, Mubadala Investment Company (Mubadala), Abu Dhabi National Energy Company (TAQA), and Abu Dhabi National Oil Company (ADNOC), announced on 1 December, to combine their renewable electricity investments, according to a recent press release.

Following the proposed transaction, TAQA would own a 43% interest in the combined entity, with ADNOC holding a 24% stake, and  Mubadala's subsidiary Mamoura Diversified Global Holding 33%.

Meanwhile, the rating reflects Masdar's underlying credit quality, backed by operating projects with long-term cash flow visibility, diversification across multiple geographies and technologies, and ownership of renewable generation assets.