S&P affirms IPIC

S&P said it affirmed its AA/A-1+ long- and short-term local and foreign currency issuer credit ratings on International Petroleum Investment Co. (IPIC).

The outlook is stable.

“The affirmation reflects our view that there is an almost certain likelihood that the Emirate of Abu Dhabi (AA/stable/A-1+) would provide timely and sufficient extraordinary support to IPIC in the event of financial distress, even after the creation of the new entity Mubadala Investment Co. (MIC), following the operational merger of IPIC and Mubadala Development Co. (MDC), another 100% government-owned entity,” S&P said in a news release.

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