Ratings agencies assign AA to Mubadala16 September 2008
Mubadala Development Company (Mubadala), the Abu Dhabi-based business development and investment company, today announced that it has been assigned AA long-term credit ratings by the three global credit rating agencies: Moody’s, Fitch Ratings, and Standard & Poor’s. Mubadala is the only company in the MENA region to have been assigned AA2/AA/AA by each agency. The high investment grade ratings allow the company to present a clear picture of the company’s financial and credit worthiness to investors, lenders and other market participants. The ratings also reflect Mubadala’s reliability as a business partner, the growth and strength of its portfolio, and its position as a leading force in Abu Dhabi’s and the UAE’s economic development and diversification.
“Mubadala has grown very quickly over the last three years. The company has been ideally positioned to capitalize on the growth and development within the UAE and the Gulf region. As importantly, we have significantly expanded our global investments and projects in key regions and sectors in partnership with leading companies such as GE, Airbus, and The Carlyle Group,” said Waleed Al Mokarrab Al Muhairi, Mubadala Chief Operating Officer. “Obtaining the credit ratings represent a significant milestone that enables us to expand our commercial activities, sustain high returns and contribute to a strong and diversified local economy.”
“This credit rating achievement is a testament to the strength of the company’s financial position. It underscores the depth of our executive team, our considerable project management and investment expertise, our growing and diversified portfolio and our commitment to transparency,” said Carlos Obeid, Mubadala Chief Financial Officer. “We are pleased to have established extensive and excellent banking relationships. While we anticipate becoming a relatively active issuer with a meaningful debt capital market presence over time, we have no immediate plans to access these markets.”