Moody's rates IPIC notes Aa3

Moody's Investors Service said it assigned definitive Aa3 ratings to the new $3.75 billion of senior notes due 2017, 2022 and 2041, respectively, issued by International Petroleum Investment Co. PJSC via its guaranteed subsidiary IPIC GMTN Ltd.

The company's Aa3 issuer ratings and Prime-1 short-term ratings remain unchanged.

Moody's explained that the Aa3 ratings of the program and the notes are in line with IPIC's Aa3 issuer ratings given that IPIC is unconditionally and irrevocably guaranteeing the notes, which will rank pari passu with all other unsecured and unsubordinated debt of IPIC. The notes under the program are issued by IPIC GMTN, a Cayman Islands-based finance vehicle that is wholly owned by IPIC.

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