Galaxy Pipeline Assets Bidco Ltd -- 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 the senior secured amortising bonds (the Bonds) to be issued by Galaxy Pipeline Assets Bidco Ltd (Galaxy BidCo, or the Issuer). Galaxy BidCo purchased, in July 2020, a 47.7% interest in ADNOC Gas Pipeline Assets LLC (AssetCo). 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), entered into a 20-year agreement (expiring June 2040) with Abu Dhabi National Oil Company (ADNOC) to lease a network of 38 onshore pipelines covering 982.3km in Abu Dhabi.