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Fitch Assigns MDC-GMTN B.V.'s USD Notes Final 'AA'.

Paris/London: Fitch Ratings has assigned MDC GMTN B.V.'s (AA/Stable/F1+) USD800 million 4.5% fixed rate bonds (XS1904648570) due 7 November 2028 a final long-term 'AA' rating.

The bonds have been issued by MDC GMTN B.V., a full subsidiary of Mubadala Development Company PJSC (Mubadala, AA/Stable/F1+), under its global medium term note programme, and are unconditionally and irrevocably guaranteed by Mubadala. The bonds have a bullet repayment.

The final rating was assigned following receipt of final documents conforming to information already received.

KEY RATING DRIVERS

MDC GMTN B.V.'s bonds are rated at the same level as Mubadala due to the unconditional and irrevocable guarantee provided by Mubadala. Bond proceeds have been used to finance a tender offer for a USD750 million bond maturing 2021 and a USD750 million bond maturing 2022 and the repurchase of these bonds.

RATING SENSITIVITIES

Changes to Mubadala's Long-Term IDRs would be reflected in MDC GMTN B.V.'s guaranteed bond rating.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Jan 10, 2019
Words:165
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