Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's changes ratings outlook on Mubadala, IPIC and Etisalat to stable from negative; affirms ratings

30 May 2017

Singapore, May 30, 2017 -- Moody's Investors Service has changed to stable from negative the outlook on the ratings of Mubadala Development Company PJSC (Mubadala), International Petroleum Investment Company (IPIC) and Emirates Telecommunications Grp Co PJSC (Etisalat). At the same time, Moody's has affirmed the Aa2 long-term issuer rating of Mubadala, the Aa2 long-term issuer rating of IPIC and the Aa3 long-term issuer rating of Etisalat.

Today's actions follow the recent change in rating outlook to stable from negative on both the Government of United Arab Emirates (UAE) and the Government of Abu Dhabi, as well as the affirmation of their Aa2 long-term issuer ratings.

For additional information on the sovereign rating actions, please refer to the following announcements:

United Arab Emirates: https://www.moodys.com/research/-PR_366955

Emirate of Abu Dhabi: https://www.moodys.com/research/-PR_366953

A complete list of affected companies and rating actions can be found at the end of this press release.

RATINGS RATIONALE

-- RATIONALE FOR AFFIRMING MUBADALA'S AND IPIC'S Aa2 RATINGS AND CHANGING THE OUTLOOK TO STABLE FROM NEGATIVE

The ratings and outlook of both Mubadala and IPIC are aligned with that of the Government of Abu Dhabi as Moody's believes that both these entities remain intrinsically linked to the Government of Abu Dhabi by virtue of being wholly owned entities and being vehicles of public policy. Their respective boards have majority government representation and Abu Dhabi's Executive Council, in effect the Emirate's cabinet, vets and approves the annual budgets and funding requirements, in addition to determining financial contributions for operations and/or investments (if any). The Emirate's Debt Management Office, as part of the Department of Finance, oversees and tracks fund raising plans of these and other government-related issuers (GRIs), as well as other public authorities. As such the finances of both these entities are inextricably intertwined with the public budget process.

-- RATIONALE FOR AFFIRMING ETISALAT'S Aa3 RATINGS AND CHANGING THE OUTLOOK TO STABLE FROM NEGATIVE

The affirmation of Etisalat's Aa3 ratings with a change in the outlook to stable from negative factors Moody's recent rating action on the UAE where the UAE's ratings were also changed to stable from negative. This linkage is predicated on Etisalat's standalone baseline credit assessment rating of a2, benefiting from uplift to the overall Aa3 long-term issuer rating attributed to Etisalat's 60% UAE ownership, coupled with strong support and very high dependence assumptions under Moody's Government-Related Issuer rating methodology.

WHAT COULD CHANGE THE RATINGS - UP/DOWN

-- MUBADALA and IPIC

The ratings of both Mubadala and IPIC are at par with the rating for the Government of Abu Dhabi and hence -- absent a change of their respective mandate and/or ownership level -- are likely to move with the rating of the Government of Abu Dhabi. Given the high correlation between these individual issuers and the government, ratings will not be positioned above the sovereign. However ratings could be downgraded if there is a change in the public policy mandate and if there is a reduction of our current assumption of very high government support.

-- ETISALAT

Etisalat's overall Aa3 ratings are at the upper end of the rating range suggested by our GRI methodology, taking into account an a2 BCA and the Government of the UAE's Aa2 rating. The upper end of the rating range suggested by Moody's GRI methodology would move to Aa2 if Etisalat's BCA was to strengthen by one notch. The likelihood of this occurring is low, owing to the company's limited geographic diversification where the majority of EBITDA is still generated in the UAE; thereby limiting its BCA to a2. An upgrade of the Government of the UAE's sovereign rating to Aa1 could create positive rating pressure.

Downward pressure on Etisalat's ratings could result if any of the following were to occur: (1) a downgrade of the Government of UAE's Aa2 rating and/or lower support assumptions; (2) a debt/EBITDA ratio exceeding 1.5x (1.0x for the 12 months to 31 March 2017); (3) retained cash flow/debt falling below 30% (39.7% for the 12 months to 31 March 2017); or (4) EBITDA margin dropping below 50% (50.3% for the 12 months to 31 March 2017 after applying Moody's Global Standard Adjustments for Non-Financial Corporations).

List of affected ratings:

Affirmations:

..Issuer: Emirates Telecommunications Grp Co PJSC

.... Issuer Rating, Affirmed Aa3

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa3

....Senior Unsecured Regular Bond/Debenture, Affirmed Aa3

..Issuer: International Petroleum Investment Company

.... Issuer Rating, Affirmed Aa2

..Issuer: IPIC GMTN Limited

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

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

..Issuer: Mubadala Development Company PJSC

.... Issuer Rating, Affirmed Aa2

..Issuer: MDC - GMTN B.V.

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

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

Outlook Actions:

..Issuer: Emirates Telecommunications Grp Co PJSC

....Outlook, Changed To Stable From Negative

..Issuer: International Petroleum Investment Company

....Outlook, Changed To Stable From Negative

..Issuer: IPIC GMTN Limited

....Outlook, Changed To Stable From Negative

..Issuer: Mubadala Development Company PJSC

....Outlook, Changed To Stable From Negative

..Issuer: MDC - GMTN B.V.

....Outlook, Changed To Stable From Negative

The methodologies used in rating Emirates Telecommunications Grp Co PJSC were Telecommunications Service Providers published in January 2017, and Government-Related Issuers published in October 2014.

The principal methodology used in rating International Petroleum Investment Company, IPIC GMTN Limited, Mubadala Development Company PJSC and MDC - GMTN B.V. was Government-Related Issuers published in October 2014.

Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

The local market analyst for International Petroleum Investment Company, IPIC GMTN Limited, Mubadala Development Company PJSC and MDC - GMTN B.V. ratings is Rehan Akbar, +971 (423) 795-65.

The local market analyst for Emirates Telecommunications Grp Co PJSC is Douglas Rowlings, +971 (423) 795-43.

Mubadala Development Company PJSC is a strategic investment, development and asset management vehicle wholly owned by the Government of Abu Dhabi. Management has grouped its business areas into four "Global Platforms": Technology & Industry, Aerospace & Engineering Services, Energy, and Emerging Sectors. For the year ending 2016, Mubadala recorded consolidated group revenue of AED31.5 billion ($8.6 billion) and a profit of AED3.3 billion ($0.9 billion).

International Petroleum Investment Company (IPIC) is an investment holding company wholly owned by the Government of the Emirate of Abu Dhabi. IPIC was set up in 1984 by Emiri decree with a mandate to invest globally in energy and energy-related industries. For the last twelve months ended 30 June 2016, IPIC reported total revenue of $33.2 billion and a loss of $4.0 billion.

Emirates Telecommunications Grp Co PJSC is the incumbent integrated telecommunication service provider in the UAE. The company has stakes in telecommunication companies throughout the Middle East, Africa and Asia. Etisalat for the last twelve months ended 31 March 2017 generated AED52.0 billion ($14.1 billion) of revenue and Moody's-adjusted EBITDA of AED26.2 billion ($7.1 billion). The UAE owns 60% indirectly through the Emirates Investment Authority. The remainder of the shares are currently held by UAE and foreign nationals and institutional investors, where provision for foreign ownership not exceeding 20% has been implemented since September 2015.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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.

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

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the Website.

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.

Christian de Guzman
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

David G. Staples
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​