IPIC and Mubadala deals to shrug off downgrade

Moody’s on Thursday downgraded all seven of Abu Dhabi’s government-owned companies that it rates, including Mubadala and International Petroleum Investment Co (IPIC), both of which are attempting big loan refinancings.

  • 04 Mar 2010

IPIC, Mubadala and telecoms group Etisalat were all dropped one notch to Aa3. The worst-hit borrower was Abu Dhabi National Energy Co (Taqa), which was downgraded four notches from Aa2 to A3.

Despite the moves, the culmination of a review Moody’s began when it placed the seven on review ...

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