Tabreed’s Issuer Default Rating Affirmed at BBB, Outlook Revised to Negative from Stable: Fitch Ratings

Fitch Ratings (Fitch) has revised down its Outlook on the United Arab Emirates’ (UAE) National Central Cooling Company (Tabreed) to Negative from Stable, whilst the Long-Term Issuer Default Rating (IDR) as well as Tabreed Sukuk SPC Limited's senior unsecured notes have been affirmed at 'BBB'.

Fitch has also assigned an expected rating of BBB (EXP) for the proposed senior unsecured notes, at the same level as Tabreed’s IDR, given that the notes constitute Tabreed’s direct and senior unsecured obligations. Tabreed expects to use the proceeds from the issuance to acquire district cooling assets in Abu Dhabi, UAE, as well as to meet general corporate expenses.

The Outl...