Fitch affirms International Petroleum

Fitch Ratings said it affirmed the International Petroleum Investment Co. PJSC of Abu Dhabi's long-term local- and foreign-currency issuer default rating at AA, foreign-currency senior unsecured rating at AA and the short-term issuer default rating at F1+.

The outlook is stable, which is in line with the outlook for the Emirate of Abu Dhabi.

The ratings are aligned with Abu Dhabi's sovereign ratings, the agency said.

Fitch also said it considers International Petroleum 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.

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