Fitch rates IPIC notes AA

Fitch Ratings said it assigned IPIC GMTN Ltd.'s upcoming notes issue an expected senior unsecured rating of AA.

The notes are irrevocably and unconditionally guaranteed by the International Petroleum Investment Co. PJSC.

The agency said the company's ratings are aligned with Abu Dhabi's sovereign ratings under Fitch's parent and subsidiary rating linkage methodology. Fitch considers IPIC 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.

Any change to Abu Dhabi's sovereign ratings is highly likely to result in a similar change to IPIC's ratings, the agency said.

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