Moody’s assigns Aa2 rating to strategic Abu Dhabi gas pipelines’bonds; outlook stable

Moody’s assigns Aa2 rating to strategic Abu Dhabi gas pipelines’bonds; outlook stable

Moody's assigns Aa2 rating to strategic Abu Dhabi gas pipelines'bonds; outlook stable

Moody's Investors Service, (Moody's) has today assigned a Aa2 rating to thesenior secured amortising bonds (the Bonds) to be issued by Galaxy Pipeline Assets Bidco Ltd (Galaxy BidCo,or the Issuer). The outlook is stable.Galaxy BidCo purchased, in July 2020, a 47.7% interest in ADNOC Gas Pipeline Assets LLC (AssetCo). Theproceeds of the Bonds will be used to refinance existing bank debt, pay hedge break costs and associatedfees that, in total, currently amount to around USD8 billion.AssetCo, a limited-purpose entity under the laws of Abu Dhabi, Government of (Government of Abu Dhabi,Aa2 stable), United Arab Emirates, Government of (Government of United Arab Emirates, Aa2 stable), enteredinto a 20-year agreement (expiring June 2040) with Abu Dhabi National Oil Company (ADNOC) to