Standard & Poor's Ratings Services said it assigned its 'AA' long-term senior unsecured debt ratings to the US$1 billion five year and US$1.5 billion 10 year bonds issued by Abu Dhabi special purpose entity IPIC GMTN Ltd. (not rated).
IPIC GMTN is a wholly-owned subsidiary of International Petroleum Investment Company (IPIC; AA/Stable/A-1+) and has been established to issue the bonds under a guaranteed global medium-term note program. The payment of amounts due on the notes is unconditionally and irrevocably guaranteed by IPIC.
We have rated IPIC, a 100% state-owned corporation based in Abu Dhabi (AA/Stable/A-1+) in the United Arab Emirates, according to our criteria for government-related entities. Although the government does not formally guarantee IPIC's liabilities, we equalize the ratings on IPIC with those on the government of Abu Dhabi.
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