Fitch Ratings has affirmed the International Petroleum Investment Company PJSC (IPIC) of Abu Dhabi's Long-term local and foreign currency Issuer Default Ratings (IDR) at 'AA' and Short-term IDR at 'F1+'. IPIC GMTN Limited's foreign currency senior unsecured rating has also been affirmed at 'AA'. The Outlook for the Long-term IDRs is Stable, in line with the Outlook for the Emirate of Abu Dhabi ('AA'/Stable/'F1+').
IPIC'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.
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