Fitch assigns highest standalone rating to UAE’s ADNOC

19/02/2019 Argaam

 

Fitch Ratings (Fitch) has assigned the Abu Dhabi National Oil Company (ADNOC) Group a standalone credit rating of AA+, the highest rating currently assigned by Fitch for any oil and gas company globally, a statement by ADNOC said on Tuesday.

 

The rating, according to Fitch, highlights the company’s high upstream output and significant reserves, strong profitability, commercially-focused business model, downstream integration and conservative financial profile, the statement added.

 

The rating, Fitch said, sits at the upper boundary of the agency’s rating spectrum for all oil and gas companies.

 

Fitch also assigned a long-term Issuer Default Rating (IDR) of AA with a Stable Outlook to ADNOC, in line with the sovereign rating of Abu Dhabi, the statement added.

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