Today's Edition
ABU DHABI (WAM)
AD Ports Group (ADPORTS:ADX) announced on Tuesday that it has received an initial A1 credit rating with a stable outlook from Moody’s Ratings (Moody’s), reflecting the Group’s strong financial performance and robust growth prospects.
AD Ports Group’s A1 long-term issuer rating reflects the company’s Baseline Credit Assessment (BCA) of Baa2 and the Government of Abu Dhabi majority ownership through ADQ.
The new Moody’s rating assignment is a recognition of AD Ports Group's flagship assets in Abu Dhabi, Khalifa Port and KEZAD, strategic importance to the economic diversification strategy of the emirate of Abu Dhabi, growing infrastructure assets and business, resilient business model, as well as its commitment to prudent financial policies.
It is the first time that AD Ports Group has been assigned a credit rating by Moody’s. The Group has already received investment-grade credit ratings from ratings agencies Fitch and S&P Global.
Martin Aarup, Group Chief Financial Officer, AD Ports Group, said: "We are pleased to receive this credit rating from Moody’s. It is a clear recognition of our unwavering dedication to financial discipline, operational excellence, and long-term sustainable growth. AD Ports Group is committed to profitable growth that produces strong returns for all our stakeholders. This rating milestone not only enhances our reputation in the market, but also positions us for continued success and greater access to capital."
The A1 rating is the fifth-highest rating on Moody’s 21-notch global ratings scale, which ranges from Aaa to C. The A1 rating signifies upper-medium investment grade and low credit risk.
On November 12, AD Ports Group reported record levels of revenue and profit in Q3 2024 of Dh 4.66 billion ($1.27 billion) and Dh445 million ($121.3 million), respectively, driven by strong growth across its core businesses.
