Ratings Agency Moody’s Gives ADQ a LT Issuer Rating of Aa2
Posted on 06/24/2021
Moody’s Investors Service assigned a long-term issuer rating of Aa2 for Abu Dhabi Developmental Holding Company PJSC (ADQ). The ratings agency gave ADQ a stable outlook, which is similar to the Government of Abu Dhabi.
ADQ was set up in 2018 and oversees some of Abu Dhabi’s state-owned companies such as TAQA, ADX, Abu Dhabi Airport, Abu Dhabi Ports, and SENAAT. ADQ has direct and indirect investments in over 90 operating entities across sectors, including energy & utilities, food & agriculture, healthcare & pharma, and mobility & logistics. Moody’s sees TAQA being the main dividend contributor to the group in 2020.
“The Aa2 issuer rating and stable outlook are aligned with those of the Government of Abu Dhabi because we believe ADQ is intrinsically linked to the Government of Abu Dhabi by virtue of being a wholly owned entity and a vehicle of public policy” says Julien Haddad, a senior analyst at Moody’s said in a report.