...Fitch Ratings has a strong expectation that General Holding Corporation PJSC (Senaat) would receive support from the government of Abu Dhabi (AA/Stable) under its Government-Related Entities (GRE) Rating Criteria. The government, through Abu Dhabi Developmental Holding Company PJSC, (ADQ, AA/Stable), will continue to have full control of the board of directors as well as the strategic, operational and financial direction of Senaat. Company holdings include a diverse portfolio of businesses, but overall the portfolio is a limited contributor to Abu Dhabi's drive to diversify its economy outside of hydrocarbon industries. We view Senaat's Standalone Credit Profile (SCP) as `not meaningful', because of very tight operational and financial links with the government, as reflected in its plan for ADQ to manage Senaat's assets directly....
