Global Arab Network | Moody's rates Abu Dhabi bond programme Aa2

Translate this article to your language:

GANPublications

e-Publications

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

RSS Feed

--------------------------------------------------------------------------------------------------------------------
| |

Moody's rates Abu Dhabi bond programme Aa2

Global Arab Network - - Maha Karim

Saturday, 28 March 2009 02:31

Moody's Investor's Service will assign a foreign currency rating of Aa2 with a stable outlook to the upcoming dollar-denominated Global Medium-Term Note Programme to be issued by the government of Abu Dhabi in the United Arab Emirates. The total envisaged size of the Programme is US$10 billion.

The rating for the Programme and the initial benchmark size issuance (also rated Aa2 with a stable outlook) is in line with the Aa2 foreign currency issuer rating of the government of Abu Dhabi, which was assigned in July 2007 and has a stable outlook.

Moody's says that Abu Dhabi's very high Aa2 issuer ratings are supported by the government's exceptionally strong balance sheet, the emirate's extensive hydrocarbon resources, a very high level of GDP per capita, and its stable domestic politics.
Credit challenges for Abu Dhabi include a volatile regional geopolitical environment, weaker institutions than higher-rated countries, a relatively undiversified economy and, in Moody's opinion, the government's substantial contingent liabilities.

Add comment

The opinions of the authors in articles published are theirs alone and do not necessarily reflect the views of Global Arab Network
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network