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Moody's rates International Petroleum notes Aa3
Moody's Investors Service said it assigned definitive Aa3 ratings to International Petroleum Investment Co.'s issues of €1.25 billion of senior notes due 2016, €1.25 billion of senior notes due 2021 and £550 million of senior notes due 2026 via its guaranteed subsidiary, IPIC GMTN Ltd.
IPIC's Aa3 issuer ratings and prime-1 short term ratings remain unchanged.
The notes under the program are issued by IGL, which is wholly-owned by International Petroleum, Moody's said.
The ratings are derived from Abu Dhabi's Aa2 sovereign ratings and currently factor very high support from the government of Abu Dhabi, given the company's central policy role in developing the emirate's wider hydrocarbon sector, the agency said.
It remains heavily funded directly by the government, Moody's said.
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