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S&P’s ‘AA’ Debt Rating to TDIC Finance’s $3b Note Programme
DUBAI - Standard & Poor’s Ratings Services assigned its ‘AA’ senior unsecured debt rating to the upcoming $3 billion medium-term note programme to be issued by Cayman Islands-registered special-purpose vehicle TDIC Finance Ltd. The same rating will apply to all issues under the programme, the rating agency said in a Press statement.
The notes shall be issued on behalf of the Tourism Development and Investment Co. or TDIC.
“An unconditional and irrevocable guarantee provided by TDIC in respect of the notes satisfies our guarantee criteria, and the rating on the notes is therefore equalised with the long-term rating on TDIC, the statement added.
“The ratings on TDIC itself have also been equalised with those on the government of Abu Dhabi (Emirate of Abu Dhabi; AA/Stable/A-1+),” said Standard & Poor’s credit analyst Farouk Soussa. “Although the Abu Dhabi government has not formally guaranteed TDIC’s liabilities, the group has a high-profile policy role in diversifying the Abu Dhabi economy through its real-estate and tourism development activities. This, coupled with TDIC’s operational proximity to the Abu Dhabi government as a fully-owned subsidiary of the Abu Dhabi Tourism Authority, leads us to conclude that the government has the capacity and willingness to continue to provide substantial ongoing support to TDIC’s operations, and to intervene in a timely manner if the company were to face financial difficulties,” Soussa added.
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