S&P gives IPIC GMTN bonds AA

Standard & Poor's said it has assigned its AA long-term debt rating to senior-unsecured U.S.-dollar bonds issued by International Petroleum Investment Co. GMTN Ltd.

The bonds will settle on Nov. 1, and the respective amounts and maturity dates will be $1.5 billion due March 1, 2017; $1.5 billion due March 1, 2022; and $750 million due Nov. 1, 2041, according to an S&P news release.

IPIC GMTN is a special-purpose entity that is a wholly owned subsidiary of 100% state-owned IPIC and its payment are unconditionally and irrevocably guaranteed by IPIC. The ratings on IPIC, which is fully owned and controlled by the Emirate of Abu Dhabi, reflect S&P's assessment of IPIC under its criteria for government-related entities, the agency said.

S&P said it equalizes the ratings on IPIC with those on the Emirate because it believes that there is an "almost certain" likelihood that the Abu Dhabi government would provide timely and sufficient extraordinary support to IPIC in the event of financial distress.

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