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Rating Action:

Moody's affirms Mamoura's Aa2 rating; stable outlook

26 Oct 2021

London, 26 October 2021 -- Moody's Investors Service ("Moody's") today affirmed the Aa2 long-term issuer rating of Mamoura Diversified Global Holding PJSC's (MDGH) as well the guaranteed senior unsecured ratings under MDGH GMTN (RSC) LTD and MDGH - GMTN B.V. The outlook on all the ratings remains stable.

A full list of affected ratings is provided at the end of this press release.

RATINGS RATIONALE

MDGH remains one of the primary public vehicles of the Government of Abu Dhabi (Aa2 stable) to implement its 2030 vision to leverage off the government's hydrocarbon resources and to diversify the Emirate's economy away from oil and gas. The rating and outlook of MDGH remain aligned with those of the Government of Abu Dhabi because Moody's believes the company remains intrinsically linked to the Government of Abu Dhabi by virtue of being an indirectly wholly owned entity and a vehicle of public policy. Moody's classifies MDGH as a government-related issuer (GRI) and uses a top-down approach in assigning MDGH's rating under the Government-Related Issuers Methodology. This means that Moody's does not assign a baseline credit assessment (BCA) and it bases the rating on the close interlinkages between the Government of Abu Dhabi and MDGH including the ability and willingness of the government to provide timely financial support to the company if needed.

MDGH's Aa2 rating benefits from the explicit, public and repeated statements of support from Abu Dhabi's Department of Finance (DoF) on behalf of the government. This was most recently communicated in December 2020 via the public statement announcing the establishment of Abu Dhabi's Supreme Council for Financial and Economic Affairs (SCFEA). The council will be chaired by the ruler of Abu Dhabi and will work primarily and directly with the Department of Finance, Abu Dhabi Investment Authority (ADIA), Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Developmental Holding Company (ADQ) and Mubadala Investment Company (MDGH's holding company).

At the beginning of 2021, MDGH changed its investment strategy from sectors to asset classes to better allow the company to meet its strategic objectives of generating sustainable returns. MDGH had previously structured its portfolio around key sectors of investments (Petroleum & Petrochemicals; Technology, Mining and Minerals; Alternative Investments & Infrastructure; and Aerospace, Renewables and ICT). The portfolio has now been reorganized to focus on four key platforms: UAE investments, disruptive investments, direct investments and real estate and infrastructure investments. This will allow the company to better employ its internal resources, improve synergies across the board and generate better returns on its investments.

Moody's expects the company to maintain a balanced approach between growth and mature investments and continue to recycle capital from the monetization of mature investments into growth industries. Moody's also expects that Mubadala will continue its strategy of partnering with leading industry businesses to broaden into new sectors and geographies.

MDGH standalone credit quality continues to be supported by (1) its scale with total assets of AED405.6 billion ($110.4 billion); (2) good sector and geographic diversification, with a number of sectors in over 50 countries; (3) moderate gross debt/book capitalization of 37.7% for the last twelve months (LTM) ending June 2021; and (4) a more balanced portfolio of mature and growth investments.

LIQUIDITY ANALYSIS

As of 30 June 2021, MDGH reported AED30.6 billion of consolidated cash and AED32.7 billion of fixed term deposits (three to twelve months) versus AED17.6 billion of short-term debt. The company's liquidity position is further strengthened by its AED102.4 billion of financial investments, of which about 31.7% are listed investments as of 30 June 2021.

MDGH's investment portfolio has not yet reached a mature state whereby cash income generated from investments fully supports capital spending commitments, interest payments and growth funding needs across the group. However, given MDGH's equity buffer and diversified investment base, the company has the ability to divest investments and recycle capital. At the same time, Moody's analysis assumes the fact that the government will address any unexpected liquidity shortfall should the government ask MDGH to make specific new investments.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on MDGH's rating is aligned with the stable outlook on the rating of the Government of Abu Dhabi given the strong credit links between the two. It also reflects Moody's view that the government's capacity and willingness to provide timely support will remain very high on a sustainable basis.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The rating of MDGH is at par with the rating of the Government of Abu Dhabi and hence — without a change in its mandate or ownership level — is likely to move with the rating of the government. An upgrade of the Government of Abu Dhabi's rating could therefore lead to an upgrade of MDGH's rating.

MDGH's rating could be downgraded if there is evidence of any reduction in timely government support or if the sovereign rating is downgraded. The rating could also be downgraded if the government's support for MDGH changes, for example, a shift in its policy mandate and changes in the funding mechanism.

LIST OF AFFECTED RATINGS

Affirmations:

..Issuer: Mamoura Diversified Global Holding PJSC

....LT Issuer Rating, Affirmed Aa2

....ST Issuer Rating, Affirmed P-1

..Issuer: MDGH - GMTN B.V.

....BACKED Senior Unsecured Commercial Paper, Affirmed P-1

....BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa2

..Issuer: MDGH GMTN (RSC) LTD

....BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa2

....BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Aa2

Outlook Actions:

..Issuer: Mamoura Diversified Global Holding PJSC

....Outlook, Remains Stable

..Issuer: MDGH - GMTN B.V

....Outlook, Remains Stable

..Issuer: MDGH GMTN (RSC) LTD

....Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Government-Related Issuers Methodology published in February 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1186207. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The local market analyst for this rating is Julien Haddad, +971 (423) 795-39.

COMPANY PROFILE

Mamoura Diversified Global Holding PJSC (MDGH), established in 2002 by an act of the government (an Emiri decree), is a strategic investment, development and asset management vehicle wholly owned by the Government of Abu Dhabi through Mubadala Investment Company (MIC).

Following the transfer of a significant portion of IPIC's assets effective 30 December 2018, MDGH's portfolio spans five continents, with interests in aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings. For LTM ending June 2021, MDGH reported group revenue of AED47.5 billion ($12.9 billion) and group profit of AED38.7billion ($10.5 billion).

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Mikhail Shipilov
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Rehan Akbar, CFA
Senior Vice President
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
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United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
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