Abu Dhabi-Mubasher: Fitch Ratings affirmed Mubadala Development Company’s long-term foreign currency issuer default rating (IDR) and senior unsecured rating at “AA”, and short-term foreign currency IDR at “F1+”.

The ratings agency’s outlook on the long-term IDR is “Stable”, according a recent report.

The ratings reflect Fitch's expectation of extraordinary support from Mubadala's shareholder, which exercises direct control and oversight of the entity. The “Stable” outlook reflects that on the shareholder. 

“Fitch has also affirmed MDC GMTN B.V.'s global medium term note programme, which is unconditionally and irrevocably guaranteed by Mubadala, and its outstanding notes and euro commercial paper at 'AA' and 'F1+', respectively,” the report highlighted.

The agnecy said that the strong links will remain in the context of the merger plan recently announced between Mubadala and International Petroleum Investment Company (IPIC, AA/Stable/F1+).