Fitch rates Arab Petroleum Investments AA

Fitch Ratings said it assigned Arab Petroleum Investments Corp. (Apicorp) long-term issuer default and senior unsecured ratings of AA with a stable outlook.

Apicorp’s AA rating is based on its intrinsic credit features, the agency said.

“Fitch assesses Apicorp’s intrinsic credit profile at aa, based on solvency and liquidity assessments of aa and a medium risk business environment,” Fitch said in a press release.

The stable outlook reflects the agency’s view Apicorp’s credit profile is resilient to negative pressures from the pandemic and oil price shock, Fitch said.

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