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S&P rates IPIC notes AA
Standard & Poor's said it assigned an AA long-term senior unsecured debt rating to three medium-term notes issued by IPIC GMTN Ltd. under its global medium-term note program.
The notes, a €1.25 billion note maturing in 2016, a €1.25 billion note maturing in 2021 and a £550 million note maturing in 2026, will contribute to the funding of International Petroleum Investment Co.'s acquisition of the remaining shares of Spanish integrated oil and gas company, Cepsa.
IPIC GMTN is a special-purpose entity that is a wholly-owned subsidiary of the 100% state-owned International Petroleum.
The ratings reflect enhanced criteria on government-related entities, S&P said. Its public policy role consists of implementing the government's long-term development strategy, the agency said.
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