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Prospect News home > News index > List of issuers I > Headlines for International Petroleum Investment Co. PJSC > News item
Published on 3/10/2011 in the Prospect News Emerging Markets Daily and Prospect News Investment Grade Daily.

Fitch rates IPIC notes AA

Fitch Ratings said it assigned a final senior unsecured rating of AA to IPIC GMTN Ltd.'s €1.25 billion notes maturing 2016, €1.25 billion notes maturing 2021 and £550 million notes maturing 2026.

The notes are irrevocably and unconditionally guaranteed by International Petroleum Investment Co. PJSC, which has AA and F1+ ratings and a stable outlook.

The agency said the proceeds will be used to finance strategic portfolio acquisitions, including the planned acquisition of the remaining shares in Cepsa that the company does not already own.

Fitch said it does not anticipate any immediate ratings impact from the additional leverage incurred for this transaction.


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