TEXT-S&P article says rtgs on SWFs and similar companies stable

(The following statement was released by the rating agency)

Nov 06 - Standard & Poor's Ratings Services has published an article comparing the profiles

of five companies it rates that could fall under the umbrella term, sovereign wealth fund (SWF).

Two of these companies, International Petroleum Investment Co. and Mubadala

Development Co. are based in the United Arab Emirates. We include Singapore's Temasek

Holdings (Private) Ltd., Bahrain Mumtalakat Holding Co., and Kazakhstan's

Samruk-Kazyna, although we consider them to be government-owned investment or

holding companies. We have excluded public pension funds and investment funds

linked to central banks.

The article, published Nov. 5, titled "Government Backing Keeps Ratings On

SWFs And State-Owned Investment Holding Companies Steady," looks at the

stand-alone profiles of the five entities and the criteria Standard & Poor's

uses to assess them. Several SWFs have been diversifying internationally and

into more commercially viable investments. These changes could improve the

companies' stand-alone credit profiles, but also affect their roles for the

governments that created them.

In addition, deteriorating economic conditions and sizable debt have hurt some

companies' performance. Nevertheless, our outlook for the sector remains

stable because of our view of an extremely high or almost certain likelihood

of government support for those companies.

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