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Mubadala Development Co. PJSC
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Our opinion of an "almost certain" likelihood of extraordinary support from the owner, the government of Abu Dhabi. Key strategic role in diversifying Abu Dhabi's economy away from its dependence on oil and oil-related products. Strong access to capital. Highly diverse business operations. Large gap between stand-alone credit profile and issuer credit rating. Significant investments in projects with developmental and social goals, but weak economic prospects. Short track record, while facing significant execution risk in major projects. Weak historic cash-flow-based credit measures and high financial leverage. The ratings on Mubadala Development Co. PJSC (Mubadala), the Abu Dhabi government's principle vehicle for diversifying the local economy away from hydrocarbon revenues, are based on an equalization with the ratings on the Emirate...
Companies mentioned in this report are: Mubadala Development Co. PJSC,Abu Dhabi (Emirate of)
Mubadala Development Co. PJSC,Abu Dhabi (Emirate of)