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Rating Action:

Moody's places on review for downgrade 8 government-related issuers in GCC countries

08 Mar 2016

Qatari Diar Finance Q.S.C. and 1MDB Energy Limited ratings also placed on review for downgrade

Madrid, March 08, 2016 -- Moody's Investors Service has placed on review for downgrade the ratings of eight government-related issuers (GRIs) based in Gulf Cooperation Council (GCC) countries. These issuers are:

Emirates Telecommunications Grp Co PJSC

Industries Qatar Q.S.C.

International Petroleum Investment Company

Mubadala Development Company

Qatar Petroleum

Saudi Basic Industries Corporation

Saudi Electricity Company

Saudi Telecom Company

Moody's also placed on review for downgrade the ratings of Qatari Diar Finance Q.S.C. (QDF) and the ratings on the notes issued by 1MDB Energy Limited (1MDBEL).

Today's actions follow the placement on review for downgrade of the sovereign ratings of Saudi Arabia, Qatar, the United Arab Emirates and the emirate of Abu Dhabi on 4 March 2016. For additional information, please refer to the following announcements:

Saudi Arabia: https://www.moodys.com/research/--PR_344433

Qatar: https://www.moodys.com/research/--PR_344414

United Arab Emirates: https://www.moodys.com/research/--PR_344604

Emirate of Abu Dhabi: https://www.moodys.com/research/--PR_344602

Concurrently, the rating agency took no action on the ratings of Abu Dhabi National Energy Company (TAQA, A3 stable), Qatar Electricity and Water Company Q.S.C. (QEWC, A1 stable) and Ooredoo Q.S.C. (A2 negative).

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

RATINGS RATIONALE

RATIONALE FOR PLACING THE RATINGS OF EIGHT GCC-BASED GRIs ON REVIEW FOR DOWNGRADE

Today's actions primarily reflect the existance of credit linkages that the eight GRI's credit profiles have to their respective economies and governments, given assumed financial support and dependence as GRIs.

The reviews will assess the credit implications, on each of the GRIs, of (1) the conclusion of the review for downgrade on the bond ratings of their respective governments; (2) the governments' support and dependence assumptions; and (3) the impact of a weakening economic environment on their business profiles, given the potential pressure of continued low oil prices on their Baseline Credit Assessments (BCAs), where relevant.

Moody's will also factor into its reviews planned actions that the respective governments could take to finance their budget deficits and the consequential impact for the issuers.

RATIONALE FOR PLACING THE RATINGS OF QDF AND 1MDBEL ON REVIEW FOR DOWNGRADE

Moody's placed the ratings of QDF on review for downgrade in line with the sovereign rating of Qatar because the government, acting through the Ministry of Finance, unconditionally and irrevocably guarantees the payments in respect of the bonds that QDF issued.

The rating agency also placed the rating on 1MDBEL's senior unsecured notes on review for downgrade as a direct result of placing the ratings of International Petroleum Investment Company (IPIC) on review for downgrade. IPIC unconditionally and irrevocably guarantees the notes issued by 1MDBEL on a joint and several basis along with 1Malaysia Development Berhad (unrated). Moody's derives the ratings of the notes on the basis of the guarantee provided by IPIC.

RATIONALE FOR TAKING NO ACTION ON TAQA, QEWC AND OOREDOO

Moody's decision to take no action on the ratings of TAQA, QEWC and Ooredoo reflects the rating agency's opinion that their respective issuer ratings can accommodate up to a one-notch downgrade of their respective linked sovereign, based on their BCAs and their support and dependence assumptions.

LIST OF AFFECTED RATINGS:

On Review for Downgrade:

..Issuer: Saudi Basic Industries Corporation

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently A1

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently A1

..Issuer: SABIC Capital I B.V.

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A1

..Issuer: SABIC Capital II B.V.

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A1

..Issuer: Saudi Electricity Company

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently A1

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently A1

..Issuer: Saudi Electricity Global SUKUK Company

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A1

..Issuer: Saudi Electricity Global SUKUK Company 2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A1

..Issuer: Saudi Electricity Global SUKUK Company 3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A1

..Issuer: Industries Qatar Q.S.C.

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Aa3

..Issuer: Qatar Petroleum

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently Aa2

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Aa2

..Issuer: Qatari Diar Finance Q.S.C.

.... Issuer Rating, Placed on Review for Downgrade, currently Aa2

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Aa2

..Issuer: Saudi Telecom Company

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently A1

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently A1

..Issuer: Emirates Telecommunications Grp Co PJSC

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently Aa3

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Aa3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Aa3

..Issuer: International Petroleum Investment Company

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently Aa2

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Aa2

..Issuer: IPIC GMTN Limited

....BACKED Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)Aa2

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Aa2

..Issuer: 1MDB Energy Limited

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Aa2

..Issuer: Mubadala Development Company PJSC

.... Issuer Rating (Foreign Currency), Placed on Review for Downgrade, currently Aa2

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Aa2

..Issuer: MDC - GMTN B.V.

....BACKED Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)Aa2

....BACKED Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Aa2

Outlook Actions:

..Issuer: Saudi Basic Industries Corporation

....Outlook, Changed To Rating Under Review From Stable

..Issuer: SABIC Capital I B.V.

....Outlook, Changed To Rating Under Review From Stable

..Issuer: SABIC Capital II B.V.

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Saudi Electricity Company

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Saudi Electricity Global SUKUK Company

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Saudi Electricity Global SUKUK Company 2

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Saudi Electricity Global SUKUK Company 3

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Industries Qatar Q.S.C.

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Qatar Petroleum

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Qatari Diar Finance Q.S.C.

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Saudi Telecom Company

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Emirates Telecommunications Grp Co PJSC

....Outlook, Changed To Rating Under Review From Stable

..Issuer: International Petroleum Investment Company

....Outlook, Changed To Rating Under Review From Stable

..Issuer: IPIC GMTN Limited

....Outlook, Changed To Rating Under Review From Stable

..Issuer: 1MDB Energy Limited

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Mubadala Development Company PJSC

....Outlook, Changed To Rating Under Review From Stable

..Issuer: MDC - GMTN B.V.

....Outlook, Changed To Rating Under Review From Stable

The principal methodology used in rating Saudi Basic Industries Corporation, SABIC Capital I B.V., SABIC Capital II B.V. and Industries Qatar Q.S.C. was Global Chemical Industry Rating Methodology published in December 2013. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

The principal methodology used in rating International Petroleum Investment Company, IPIC GMTN Limited, 1MDB Energy Limited, Mubadala Development Company PJSC and MDC - GMTN B.V. was Government-Related Issuers published in October 2014.

The principal methodology used in rating Qatar Petroleum was Global Integrated Oil & Gas Industry published in April 2014. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

The principal methodology used in rating Qatari Diar Finance Q.S.C. was Sovereign Bond Ratings published in December 2015.

The principal methodology used in rating Saudi Telecom Company and Emirates Telecommunications Grp Co PJSC was Global Telecommunications Industry published in December 2010. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

The principal methodology used in rating Saudi Electricity Company, Saudi Electricity Global SUKUK Company, Saudi Electricity Global SUKUK Company 2 and Saudi Electricity Global SUKUK Company 3 was Regulated Electric and Gas Utilities published in December 2013. Other methodologies used include the Government-Related Issuers methodology published in October 2014.

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

The local market analyst for Saudi Basic Industries Corporation, SABIC Capital I B.V., SABIC Capital II B.V., International Petroleum Investment Company, IPIC GMTN Limited, 1MDB Energy Limited, Mubadala Development Company PJSC and MDC - GMTN B.V. ratings of is Rehan Akbar, AVP-Analyst, Corporate Finance Group, Journalists 44 20 7772 5456, Subscribers 44 20 7772 5454.

The local market analyst for Qatar Petroleum, Qatari Diar Finance Q.S.C., Saudi Electricity Company, Saudi Electricity Global SUKUK Company, Saudi Electricity Global SUKUK Company 2 and Saudi Electricity Global SUKUK Company 3 ratings of is Julien Haddad, Analyst, Corporate Finance Group, Journalists 44 20 7772 5456, Subscribers 44 20 7772 5454.

The local market analyst for Emirates Telecommunications Grp Co PJSC ratings of is Douglas Rowlings, Analyst, Corporate Finance Group, Journalists 44 20 7772 5456, Subscribers 44 20 7772 5454.

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.

The relevant office for each 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.

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.

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

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.

Ivan Palacios
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

David G. Staples
MD - Corporate Finance
Corporate Finance Group
Telephone: 00971 4237 9536

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places on review for downgrade 8 government-related issuers in GCC countries
No Related Data.
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