UAE: Moody’s Investors Service has lowered the ratings for Mubadala Development Company, International Petroleum Investment Company (IPIC), Tourism Development and Investment Company (TDIC), Abu Dhabi National Energy Company (TAQA), Emirates Telecommunications Company (Etisalat), Dolphin Energy and Aldar Properties (Aldar), saying there’s “no explicit formal” government guarantee to support them. Moody’s placed “a moderate distinction” between the ratings of Mubadala, IPIC, TDIC and sovereign Abu Dhabi, calling the companies “vehicles of government policy” that remain heavily funded by the government. It....