Fitch Ratings has affirmed Abu Dhabi Ports Company PJSC’s (ADP) Long-Term Issuer Default Rating (IDR) at ‘A+’. Fitch has also affirmed ADP’s euro medium-term notes programme (EMTN) and its USD1 billion 2031 senior unsecured notes at ‘A+’. The Outlooks are Stable.

RATING RATIONALE
Fitch rates ADP using a top-down rating approach under its Government-Related Entities (GRE) Criteria. ADP is rated two notches below Abu Dhabi (AA/Stable), which reflects our assessment of its strong linkage with the government. ADP is 75.42% owned by the government of Abu Dhabi via ADQ, which Fitch views as a key state-owned holding company of the government’s interests in various public companies.

We assess ADP’s Standalone Credit Profile (SCP) at ‘bbb+’, which reflects a largely contracted revenue base resulting in long-term cash flow visibility and stability, and synergies across its vertically integrated five businesses including industrial zones that should drive the group’s operations.
Source: Fitch Ratings