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MOODY'S ASSIGNS (P)AA2 RATING TO TDIC'S USD 3 BN GMTN PROGRAMME
Info-Prod Research (Middle East), June, 2009
Moody's Investors Service today assigned a (P)Aa2rating to the USD 3 billion Global Medium Term Notes (GMTN) Programme of Tourism Development & Investment Company PJSC (TDIC). The outlook is stable.The notes under the programme will be issued by TDIC Finance Limited, a Cayman Island-based finance vehicle wholly-owned by TDIC. The rating ofthe notes is in line with TDIC's issuer ratings as TDIC will unconditionally and irrevocably guarantee the notes and the notes will rank pari passu with all present and future other unsecured andunsubordinated debt of TDIC.
The terms and conditions of the notes include (amongst others) a negative pledge with certain carve-outs, a cross-default clause to TDIC debt and a change of control clause, whichcomes into effect if the Government of...
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