Fitch says TDIC unaffected by emirate's new public debt policy
Abu Dhabi-based Tourism Development & Investment Company's (TDIC) received cash injection of over Dh2 billion from the government in 2013, Fitch Ratings said.
"The state has consistently provided TDIC with substantial direct financial support, including the provision of free land, recognised by TDIC as equity contributions. In 2013, the government provided cash contribution of more than Dh2bn," it said.
The agency also affirmed TDIC rating with stable outlook. The ratings are aligned with the Abu Dhabi sovereign (AA/Stable/F1+), reflecting strong ties with the sovereign.
Fitch said TDIC, along with Abu Dhabi's four major state-owned enterprises (SOEs), including two rated by Fitch - Mubadala Development Company and International Petroleum Investment Company, are unaffected by the emirate's recently approved public debt policy.
Fitch continues to apply its parent and subsidiary rating linkage methodology in rating these entities, as it believes that implicit state support from the Emirate of Abu Dhabi has not changed from that previously announced.
© Emirates 24|7 2014
