Moody's: IPIC notes Aa3

Moody's Investors Service said it assigned Aa3 ratings to International Petroleum Investment Co. PJSC's U.S. dollar and euro denominated senior notes due 2015, 2018 and 2023, issued via its subsidiary, IPIC GMTN Ltd.

IPIC's Aa3 issuer ratings and P-1 short-term ratings remain unchanged.

The program and the notes' ratings are in line with IPIC's Aa3 issuer ratings as IPIC is unconditionally and irrevocably guaranteeing the notes and the notes will rank pari passu with all other unsecured and unsubordinated debt of IPIC.

The agency said IPIC's ratings are derived from Abu Dhabi's Aa2 sovereign ratings and currently factor very high support from the government of Abu Dhabi.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.