A senior unsecured rating of 'AA' has been assigned to Tourism Development and Investment Company's Finance Limited's (TDIC Finance) global medium-term note programme (GMTN) by Fitch Ratings.

Furthermore, yesterday's issue, under the GMTN programme, of $1.0bn 6.50% notes due 2 July 2014, was also given 'AA' ratings by Fitch.

It should be noted that the programme's final rating follows a review of its final terms and conditions which conform to information already received by Fitch.

The main purpose of establishing TDIC Finance - which is 100% owned by Tourism Development and Investment Company PJSC - as a special purpose vehicle is for issuing notes under the GMTN programme.

It should be mentioned here that the rating of the GMTN programme is in line with that of TDIC, which has a Long-term Issuer Default Rating (IDR) and senior unsecured rating of 'AA', respectively.

While TDIC would unconditionally and irreversibly guarantee the notes, the obligations under the guarantee will be direct, unconditional, unsubordinated and unsecured obligations of TDIC. It will also rank equally with all other unsecured obligations of TDIC.

"Notes issued under the GMTN programme will also constitute direct, unconditional, unsubordinated and unsecured obligations of TDIC Finance and will rank equally among themselves and with all other unsecured obligations of TDIC Finance," said a source.