Fitch assigns Adnoc bonds AA

Fitch Ratings said it assigned Abu Dhabi National Oil Co.'s (Adnoc) upcoming exchangeable bonds an expected senior unsecured AA rating.

“The bonds are rated in line with Adnoc's long-term issuer default rating (IDR) of AA, which has a stable outlook, as they will rank pari passu with all unsecured and unsubordinated obligations of the issuer. The bonds are exchangeable at the option of the bondholders, and Adnoc has the right to either deliver shares in Adnoc Distribution (listed on the Abu Dhabi Securities Exchange) or to pay a cash alternative amount,” Fitch said in a press release.

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