Fitch rates IPIC notes AA

Fitch Ratings said it assigned IPIC GMTN Ltd.'s upcoming notes an expected senior unsecured rating of AA. The company has long-term local- and foreign-currency issuer default ratings of AA, foreign-currency senior unsecured rating of AA and a short-term issuer default rating of F1+.

The notes will be irrevocably and unconditionally guaranteed by the International Petroleum Investment Co. (IPIC) PJSC.

The proceeds could be used to finance strategic portfolio acquisitions, including the planned acquisition of the remaining shares in Cepsa that International Petroleum does not already own, Fitch said.

Fitch said it does not anticipate any immediate rating impact from the additional leverage incurred for this transaction.

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