Fitch rates ADNOC AA, in line with Abu Dhabi's sovereign rating | Reuters:
Abu Dhabi National Oil Company (ADNOC) has been given an AA credit rating by Fitch, the highest in the Gulf region and in line with the rating of the Abu Dhabi government which owns the oil giant, Fitch and ADNOC said on Tuesday.
The rating is the first assigned to ADNOC, one of the world’s largest oil producers by volume, and will allow the company wider access to international financial markets and investors.
ADNOC’s rating “reflects the company’s high upstream output coupled with low production costs, significant reserves, downstream integration and a conservative financial profile,” Fitch said in a statement.
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