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S&P gives Abu Dhabi bond AA
Standard & Poor's said it assigned a preliminary AA long-term senior unsecured debt rating to the proposed bond to be issued by Waha Aerospace BV. The bond will amortize, with a legal final maturity date of 2020.
The bond benefits from an unconditional and irrevocable guarantee by the Emirate of Abu Dhabi and therefore equalized the rating on the bonds with the long-term issuer credit rating on Abu Dhabi.
The rating on the bond is subject to final documents.
The agency said the guarantee ranks pari passu with the Emirate of Abu Dhabi's rated debt and that the guarantee will remain in force until the bond matures.
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