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UAE: MOODY'S ASSIGNS (P)AA2 RATING TO TDIC'S USD 3 BN GMTN PROGRAMME.
IPR Strategic Business Information Database, June, 2009
Moody's Investors Service today assigned a (P)Aa2 rating 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 of the 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 and unsubordinated 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, which comes into effect if...
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