We expect that United Arab Emirates (UAE)-based conglomerate Ittihad International Investment LLC's (Ittihad's) adjusted debt to EBITDA will improve to 4.7x in 2025 (down from 5.0x in 2024) on the back of EBITDA growth of 10%-15% supported by the expansion of the business and environmental services, and infrastructure and building material segments. We forecast further deleveraging toward 4.0x in 2026. Our assessment of Ittihad's liquidity has improved from less than adequate to adequate underpinned by broad availabilities under committed revolving credit facilities (RCFs) due in 2028. We continue to reflect Ittihad's business diversification and highly liquid copper inventories in a one-notch positive comparative rating adjustment. We therefore raised the long-term issuer credit rating on Ittihad to 'BB-' from 'B+'. We
