State-owned Abu Dhabi Ports (AD Ports) has received an A+ long-term credit rating from ratings agency S&P Global Ratings.
According to S&P, AD Ports has enjoyed “good competitive position” despite its limited market share in the region. It said it also expects the company’s performance to remain strong despite high and rising expansionary capex over the coming two years.
AD Ports owns and manages all non-oil ports in Abu Dhabi and is owned 100 percent by the government via Abu Dhabi Development Holding Co.
“AD Ports’ good competitive position is driven by very high revenue predictability, good operating efficiency and modern infrastructure,” S&P said.
The agency also assigned a “gcAAA” Gulf Cooperation Council (GCC) regional scale rating to AD Ports.
“The stable outlook reflects our expectation that the company’s performance will remain strong,” S&P said.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
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