S&P affirms IPIC

Standard & Poor's said it affirmed its long- and short-term local and foreign currency sovereign credit ratings on the International Petroleum Investment Co. at AA/A-1+. The outlook is stable.

Although the government of Abu Dhabi does not formally guarantee International Petroleum's liabilities, S&P equalizes the ratings on the company with those on the government of Abu Dhabi under its enhanced criteria on government-related entities.

In accordance with S&P's criteria, the agency said its view of an almost certain likelihood of extraordinary government support is based on its assessment of the company's critical role in the government and economy of Abu Dhabi as the government's major investment arm for long-term development and diversification of the hydrocarbon-based economy.

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