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Fitch rates IPIC notes AA
Fitch Ratings said it assigned final senior unsecured ratings of AA to IPIC GMTN Ltd.'s $750 million notes due 2015, €800 million notes due 2018 and €850 million notes due 2023.
The notes are irrevocably and unconditionally guaranteed by the International Petroleum Investment Co. (IPIC) PJSC, which is wholly owned by the Government of the Emirate of Abu Dhabi, Fitch said.
IPIC has a long-term foreign-currency issuer default rating of AA, short-term issuer default rating of F1+ and long-term local-currency issuer default rating of AA.
Fitch said it believes the three-tranche bond issues will improve the company's liquidity profile by extending the company's debt maturity profile.
IPIC's ratings are aligned with Abu Dhabi's sovereign ratings as it is a strategic asset to the government in its role as an investment vehicle for the state, primarily in the domestic and foreign hydrocarbon and petrochemical sectors, the agency said.
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