Fitch affirms IPIC

Fitch Ratings said it affirmed the International Petroleum Investment Co. PJSC's (IPIC) long-term local- and foreign-currency issuer default ratings at AA and short-term issuer default rating at F1+.

IPIC GMTN Ltd.'s foreign-currency senior unsecured rating also was affirmed at AA.

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

The ratings are aligned with Abu Dhabi's sovereign ratings as Fitch said it considers the company 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.

The ratings rely on continuing support from the sovereign, the agency added.

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