Fitch gives IPIC notes AA

Fitch Ratings said it assigned IPIC GMTN Ltd.'s $1.5 billion of notes maturing in 2017, $1.5 billion of notes maturing in 2022 and $750 million of notes maturing in 2041 a final senior unsecured rating of AA.

The notes are irrevocably and unconditionally guaranteed by the International Petroleum Investment Co. PJSC (AA/stable/F1+).

The agency said it understands that the proceeds from the notes will be used for general corporate purposes and to refinance existing debt and extend the company's debt maturity profile.

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