Moody's upgrades APICORP to Aa2 with stable outlook | ZAWYA MENA Edition

Moody's upgrades APICORP to Aa2 with stable outlook | ZAWYA MENA Edition:

Moody’s Investors Service upgraded Arab Petroleum Investments Corporation’s (APICORP) long-term issuer and senior unsecured rating to Aa2 and changed the company’s outlook to stable from positive.

“The key drivers for the upgrade include steady improvement that the corporation, a multilateral development bank owned by the member states of (the Kuwait-headquartered) Organisation of Arab Petroleum Exporting Countries (OAPEC), has made in its liquidity and funding profile by diversifying its funding sources,” Moody’s said in a statement.

“This has allowed APICORP to significantly reduce its reliance of short-term wholesale deposits and eliminate short-term asset-liability mismatches,” the statement added.