S&P assigns International Petroleum bond AA

Standard & Poor's said it will assign an AA long-term senior unsecured debt rating to a proposed bond that will be issued by IPIC GMTN Ltd. under its global medium-term note program.

IPIC is a special purpose entity that is a wholly owned subsidiary of International Petroleum Investment Co., S&P said.

The entity was established for the issuance of notes under its guaranteed global medium-term note program, the agency said.

Although the government does not formally guarantee IPIC's liabilities, the agency said it equalizes the ratings with those on the government of Abu Dhabi, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.