Fitch affirms Ipic's long-term rating at 'AA'

Fitch Ratings has affirmed the International Petroleum Investment Company (Ipic) of Abu Dhabi's long-term local and foreign currency Issuer Default Rating at 'AA', respectively, the foreign currency senior unsecured rating at 'AA', and the short-term IDR at 'F1+', a statement said.

The outlook for the long-term IDRs is stable, which is in line with the outlook for the emirate of Abu Dhabi ('AA'/'F1+'/Stable).

Ipic's ratings are aligned with Abu Dhabi's sovereign ratings under Fitch Ratings' 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, the statement said.