The Abu Dhabi National Oil Company (ADNOC) has been assigned AA+ as a standalone credit rating and a Long-Term Issuer Default Rating (IDR) of AA by Fitch Ratings, ADNOC announced on February 19.
The credit rating refers to the company’s high upstream output and significant reserves, strong profitability, commercially-focused business model, downstream integration and conservative financial profile.
Meanwhile, the IDR highlights the stable outlook to ADNOC, in line with the sovereign rating of Abu Dhabi, reflecting Fitch’s assessment of the strong linkages between ADNOC and the Abu Dhabi government.
“These best-in-sector ratings also reflect our more open and flexible approach to strategic partnerships and the more efficient and active management of our capital and assets, and validates the bold ambitions we have set for ADNOC under our progressive 2030 strategy,” Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC CEO said.
ADNOC was advised by Bank of America, Merrill Lynch, and Citigroup during the credit rating process.
Fitch’s ratings come in line with its new approach to expand its partner and investor universe, as well as more actively manage its assets and capital.