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Rating Action:

Moody's upgrades to Aa2 ratings for IPIC, Mubadala, and TDIC

11 Aug 2014

Singapore, August 11, 2014 -- Moody's Investors Service today upgraded all the long-term issuer ratings to Aa2 for International Petroleum Investment Company (IPIC) from Aa3, for Mubadala Development Company PJSC (Mubadala) from Aa3 and for Tourism Development and Investment Company PJSC (TDIC) from A1. At the same time Moody's affirmed the P-1 short-term ratings for IPIC and Mubadala. The outlook on all ratings is stable. Ratings for debt issued by the respective issuers and their subsidiaries were also upgraded to Aa2, and debt instrument details can be found in this press release below.

RATINGS RATIONALE

"The Abu Dhabi government has not only made public statements of very high support for its owned entities, but also set over time a track record of material support for highly visible and strategic projects in the emirate," explained Martin Kohlhase, a Moody's Vice President -- Senior Credit Officer and local market analyst based in Dubai. Mr. Kohlhase added that "IPIC, Mubadala and TDIC remain intrinsically linked to the government of Abu Dhabi by virtue of being wholly owned entities and being vehicles of public policy."

Since the introduction of a rating differential in March 2010 between the ratings of these three government-related issuers (GRIs) and the Abu Dhabi government Moody's has observed a number of changes including (1) the 2011 strategic review of these entities' scope which revalidated their public sector mandate; (2) explicit, public and repeated statements of support from the government; (3) the formal integration of the issuers' annual financial planning process into the public budgeting process; and (4) the establishment of an effective Debt Management Office (DMO), which has established a multi-year track record of exercising closer financial oversight and supervising a transition towards ultimate financial self-sustainability for each of these entities. In aligning the issuer ratings with the Aa2 rating of the Government of Abu Dhabi, Moody's maintains its approach of credit substitution taking into account the difficulty in assessing the GRIs on a standalone basis.

The Government of Abu Dhabi's (Aa2 stable) propensity to support its GRIs remains very strong, backed by accumulated savings from hydrocarbon revenues. Following a spending review in 2011, Abu Dhabi has remained committed to highly visible public infrastructure projects and social welfare programmes, some of which are implemented by its GRIs. In addition, the Department of Finance (DoF) has repeatedly issued public statements of explicit support for IPIC, Mubadala and TDIC.

The three entities IPIC, Mubadala and TDIC are vehicles of public policy that benefit from ongoing and extraordinary financial support. Although all entities are incorporated, they are wholly owned by the government of Abu Dhabi. Their respective boards have majority government representation. 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. The emirate's DMO, as part of DoF, oversees and tracks fund raising plans of these and other GRIs, as well as other public authorities. As such GRIs finances are inextricably intertwined with the public budget process.

More specifically, Moody's interprets the individual public policy roles of IPIC, Mubadala and TDIC as follows:

(1) IPIC's investments in the petrochemical and downstream sector help extending the hydrocarbon value chain from merely being a crude oil producer and the investments' global exposure give geographical diversification.

(2) Mubadala's role is to diversify the local economy away from hydrocarbons has seen the entity acting as an investor in socio-economic projects (e.g. universities, hospitals), but also as a joint venture partner along with multinational corporations to set up production facilities in the emirate to provide employment opportunities for the local population.

(3) TDIC is the master developer of cultural and tourism assets, including museums, which will, when completed, serve as an attraction to bring in tourists to the emirate. The company's commercial activities, such as residential, hospitality and leisure assets, are an adjacent to its core of developing cultural assets that TDIC will upon completion manage on behalf of the government. TDIC has established a track record of successful project delivery and a continuing track record of timely funding for public works from the government.

Moody's will assess the impact of the increased institutional strength on other Abu Dhabi corporate GRIs owned less than 100% on their credit profiles over time.

WHAT COULD CHANGE THE RATINGS UP / DOWN

The ratings for IPIC, Mubadala and TDIC 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 individual issuers and the government, ratings will not be positioned above the sovereign. On the contrary, ratings could be downgraded if there is a change in public policy mandate, to the provisioning of ongoing and extraordinary funding and ownership.

IPIC, Mubadala and TDIC and subsidaries's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside IPIC, Mubadala and TDIC and subsidaries's core industry and believes IPIC, Mubadala and TDIC and subsidaries's ratings are comparable to those of other issuers with similar credit risk. Other methodologies used include the Government-Related Issuers methodology published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The Local Market analyst for this rating is Martin Kohlhase, 971.4.237.9544.

International Petroleum Investment Company (IPIC) is an investment holding company wholly owned by the government of Abu Dhabi. IPIC was set up in 1984 by decree with a mandate to invest globally in energy and energy-related industries. Today IPIC owns predominantly equity investments in the midstream (refinery and marketing) oil industry and in the petrochemical sector.

Mubadala Development Company PJSC is a strategic investment, development and asset management vehicle wholly-owned by the government of Abu Dhabi. Management has formed four "Global Platforms" - comprising Technology & Industry, Aerospace & Engineering Services, Energy, and Emerging Sectors.

Tourism Development & Investment Company PJSC (TDIC), wholly owned by the government of Abu Dhabi and headquartered in Abu Dhabi/UAE, is a master developer of cultural, infrastructure as well as residential, hospitality and leisure assets. TDIC was incorporated by Emiri Decree in 2005 and is now owned by the Abu Dhabi Tourism & Culture Authority (ADTCA), an authority of the government.

Upgrades:

..Issuer: International Petroleum Investment Company

.... Issuer Rating, Upgraded to Aa2 from Aa3

..Issuer: IPIC GMTN Limited

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)Aa2 from (P)Aa3

....Senior Unsecured Regular Bond/Debenture Upgraded to Aa2 from Aa3

..Issuer: MDC - GMTN B.V.

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)Aa2 from (P)Aa3

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2 from Aa3

..Issuer: Mubadala Development Company PJSC

.... Issuer Rating, Upgraded to Aa2 from Aa3

..Issuer: TDIC Finance Limited

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)Aa2 from (P)A1

..Issuer: TDIC Sukuk Limited

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)Aa2 from (P)A1

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa2 from A1

..Issuer: Tourism Development and Investment Co PJSC

.... Issuer Rating, Upgraded to Aa2 from A1

Outlook Actions:

..Issuer: International Petroleum Investment Company

....Outlook, Remains Stable

..Issuer: IPIC GMTN Limited

....Outlook, Remains Stable

..Issuer: MDC - GMTN B.V.

....Outlook, Remains Stable

..Issuer: Mubadala Development Company PJSC

....Outlook, Remains Stable

..Issuer: TDIC Finance Limited

....Outlook, Remains Stable

..Issuer: TDIC Sukuk Limited

....Outlook, Remains Stable

..Issuer: Tourism Development and Investment Co PJSC

....Outlook, Remains Stable

Affirmations:

..Issuer: International Petroleum Investment Company

.... Issuer Rating, Affirmed P-1

..Issuer: Mubadala Development Company PJSC

.... Issuer Rating, Affirmed P-1

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

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.

Thomas Byrne
Senior Vice President
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
SUBSCRIBERS: (852) 3551-3077

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

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

Moody's upgrades to Aa2 ratings for IPIC, Mubadala, and TDIC
No Related Data.
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