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Moody's rates IPIC notes Aa3
Moody's Investors Service said it assigned an Aa3 rating to International Petroleum Investment Co.'s proposed issues of $1 billion of senior notes due 2015 and $1.5 million due 2020 via its guaranteed subsidiary, IPIC GMTN Ltd., in a public offering.
The proceeds will be used for refinancing, Moody's said.
The transaction is therefore seen to be ratings neutral and consistent with an assumption that the company will continue to access funds to further extend its debt maturity profile, the agency said.
The ratings are derived from Abu Dhabi's Aa2 sovereign ratings and currently factor high support from the government of Abu Dhabi, given the company's central policy role in developing the emirate's wider hydrocarbon sector, Moody's said.
Its ratings are sensitive to any change in the assumption of support from the government, the agency said.
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