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Fitch rates MDGH GMTN bonds AA
Fitch Ratings said it assigned MDGH GMTN (RSC) Ltd.'s upcoming $500 million of 3% fixed-rate bonds due March 28, 2027, and $1 billion of 3 3/8% fixed-rate bonds due March 28, 2032, expected long-term AA ratings.
The bonds will be issued under MDGH GMTN's global medium-term note program. MDGH GMTN is a wholly owned subsidiary of Mamoura Diversified Global Holding PJSC, which will guarantee the bonds.
MDGH-GMTN's bonds are rated at the same level as Mamoura's AA long-term issuer default rating due to the guarantee it provides, Fitch said.
The proceeds will be used to refinance maturing bonds and for general corporate purposes.
The outlook is stable.
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