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No change in Abu Dhabi support to state companies

06 March 2010

Following Moody's Investors Service downgrading of seven Abu Dhabi-based firms for the lack of an "explicit formal agreement" for government support, the Abu Dhabi government has asserted that there is no change in any aspect of government support for three companies which include Mubadala Development Co, International Petroleum Investment Co (IPIC), and Tourism Development & Investment Co (TDIC). "We obviously disagree with the reasoning involved in a number of Moody's decisions, especially those concerning TDIC, Mubadala, and IPIC," Hamad al Hurr Al Suwaidi, undersecretary at the Abu Dhabi department of finance said. "TDIC, Mubadala, and IPIC are 100% government-owned and they each play a crucial role in the government's strategy for diversifying the economy. They are irreplaceable."

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