Abu Dhabi – Mubasher: Fitch Ratings affirmed International Petroleum Investment Company’s (IPIC) long-term foreign and local currency issuer default ratings (IDR) at “AA” and short-term foreign currency IDR at “F1+”, with a “Stable” outlook, according to a report.
IPIC's USD multicurrency resolving credit facilities and GMTN Limited senior unsecured debt are also affirmed at “AA”.
“The ratings of IPIC are equalised and credit-linked with those of the Emirate of Abu Dhabi (AA/Stable/F1+), reflecting its status as a wholly owned corporation of the emirate, tight control by the Abu Dhabi government and its important strategic role in investments in energy and energy-related industries,” the report highlighted.
