UAE - Mubasher: Moody's Investors Service (Moody's) has upgraded the issuer rating of the UAE-based General Holding Corporation (Senaat) to A1 from A3 and changed the outlook to stable from negative.
Moody's has upgraded Senaat Sukuk Limited's senior unsecured $3 billion trust certificate issuance programme to (P)A1 from (P)A3, according to a press release on Wednesday.
The rating shows Senaat's strategic importance to ADQ; hence, the Abu Dhabi Government and ADQ manage the company on the strategic and operational levels.
On 24 March 2020, the Abu Dhabi government transferred the company's ownership to ADQ.
In the meantime, the stable outlook on Senaat's rating is in line with the stable outlook on ADQ's rating because of the strong credit links between both entities.
Moody's Vice President - Senior Analyst and local market analyst for SENAAT, Julien Haddad, said: "By virtue of this integration, SENAAT could be in a position to benefit from ADQ's broader and more diversified cash flows should support be required."
