Moody's rates Tourism Development Aa2

Moody's Investors Service said it assigned Aa2 long-term local- and foreign-currency issuer ratings to the Tourism Development and Investment Co. PJSC.

The outlook is stable.

Given the company's primary mandate to develop the local tourism industry, the degree of exposure to the real estate market is limited compared to regional peers, Moody's said.

The ratings take into account the benefits its derives from its close links to the government of Abu Dhabi, the agency said. The government's support was evidenced by land transfers and the absence of a profit-maximizing motivation for certain projects with a socio-cultural aspect, Moody's added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.