Fitch rates Abu Dhabi Ports notes A+

Fitch Ratings said it assigned Abu Dhabi Ports Co. PJSC’s planned senior unsecured notes due 2031 an A+ rating. The notes will be sold under the company’s euro medium-term note program that Fitch also rates A+.

The expected rating is in line with Abu Dhabi Ports’ A+ issuer rating, Fitch said. The company is owned by Abu Dhabi’s government through a holding company. Fitch said it rated Abu Dhabi Ports two notches down from the sovereign based on its government-related entities criteria.

Together with a recently raised revolving credit facility, the 2031 notes will be used to refinance the company’s two fully drawn AED 4.05 billion revolvers at their scheduled maturities in 2021.

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