S&P rates Abu Dhabi notes AA

S&P said it assigned its AA long-term issue credit rating to the $5 billion of senior notes issued by the Emirate of Abu Dhabi (AA/stable/A-1+) under its global medium-term note program.

The notes were issued in two tranches: a $2.5 billion 2 1/8% bond maturing on May 3, 2021 and a $2.5 billion 3 1/8% bond maturing May 3, 2026.

“We understand that Abu Dhabi will use the proceeds of the notes mainly for budgetary financing,” S&P said in a news release.

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