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Fitch affirms IPIC
Fitch Ratings said it affirmed International Petroleum Investment Co. PJSC (IPIC)'s long-term local and foreign currency issuer default ratings at AA and short-term issuer default rating at F1+.
IPIC's and IPIC GMTN Ltd.'s foreign currency senior unsecured debt ratings have also been affirmed at AA.
The outlook for the long-term issuer default ratings is stable, in line with the outlook for the Emirate of Abu Dhabi.
Fitch said IPIC's ratings are aligned with Abu Dhabi's sovereign ratings under Fitch's parent and subsidiary rating linkage methodology.
The agency said it considers IPIC to be a strategic asset to the government in its role as an investment vehicle for the state in the domestic and foreign hydrocarbon and petrochemical sectors. Any change to Abu Dhabi's sovereign ratings is highly likely to result in a similar change to IPIC's ratings.
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