Moody's hikes Senaat

Moody's Investors Service said it hiked General Holding Corp. PJSC’s (Senaat) issuer rating to A1 from A3. Moody's also raised to (P)A1 from (P)A3 the rating of the senior unsecured $3 billion trust certificate issuance program of Senaat Sukuk Ltd. and upgraded to A1 from A3 the rating of the senior unsecured debt issued under the program. The outlook has been changed to stable from negative.

"The upgrade of Senaat's rating to A1 from A3 reflects the full integration of Senaat under its parent company, Abu Dhabi Developmental Holding Co. PJSC (ADQ, Aa2 stable), since the company's ownership was transferred to ADQ from the government of Abu Dhabi in March 2020." said Julien Haddad, a Moody's vice president, senior analyst and local market analyst for Senaat, in a press release. "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."

The outlook is aligned with the stable outlook on ADQ given the strong credit links between the two, the agency said.

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