Moody's rates IPIC notes Aa3

Moody's Investors Services said it assigned provisional Aa3 ratings to both the global medium-term note program of IPIC GMTN Ltd. as the issuer of the notes and the proposed notes to be issued under the program.

The notes are issued by IGL, a company wholly-owned by International Petroleum Investment Co. PJSC.

The rating is in line with IPIC's Aa3 issuer ratings as it is unconditionally guaranteeing the notes, Moody's said. The notes will rank pari passu with all other unsecured and unsubordinated debt of IPIC, the agency said.

The ratings are derived from Abu Dhabi's Aa2 sovereign ratings and factor high support from the government of Abu Dhabi, given the company's central policy role in developing the emirate's wider hydrocarbon sector as evidenced by 26 years of regular government equity injections in support of IPIC's investments, Moody's said.

It remains heavily funded directly by the government in addition to its own capital market and bank borrowing activities, the agency added.

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