RPT-Fitch Affirms Tourism Development & Investment Company at 'AA'; Stable Outlook
March 18 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has affirmed Abu Dhabi-based Tourism Development & Investment Company's (TDIC) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'AA', and its Short-Term IDR at 'F1+'. The Outlook for the Long-Term IDR is Stable.
TDIC's global medium-term note programme, TDIC Finance Limited's outstanding notes and TDIC Sukuk Limited's outstanding notes have also been affirmed at 'AA'.
TDIC's ratings are aligned with the Abu Dhabi sovereign (AA/Stable/F1+), reflecting strong ties with the sovereign.
Key Rating Drivers
State Support Key to Ratings
The ratings are primarily driven by TDIC's strong relationship with the Emirate of Abu Dhabi, based on Fitch's parent and subsidiary rating linkage methodology. The agency would not be able to rate TDIC on a standalone basis, due to its limited operational assets. Continuación...