Arab Petroleum Investment Corporation (APICORP) has received ‘AA’ rating from Fitch Ratings, a leading provider of credit ratings, reflecting a strong credit profile and continued growth, according to a press release.
APICORP’s Long-Term Issuer Default Rating (IDR) of ‘AA’ is based on the company’s excellent capitalization with a low-risk profile, high credit quality of its borrowers and strong risk management practices. All these attributes are seen as business resilience when confronted with the aftermath of COVID-19.
Ahmed Ali Attiga, CEO of APICORP, said, “We are pleased that the new rating from Fitch reaffirms APICORP’s robust and healthy financial profile, underpinned by a sustainable business model that continues to drive value and growth. This is a testament of APICORP’s ability to execute its important public mandate in the strategic and vital energy sector within our member countries, and beyond.”
Furthermore, Fitch decided to issue this ‘AA’ rating due to the company’s consistent profitability since its inauguration. Moreover, Moody’s Investor Service reaffirmed APICORP’s credit rating of ‘Aa2’ with a stable outlook in April.
APICORP also posted strong financial results for the year ended 2019, including a 17% year-on-year (YoY) increase in net recurring income to $112 million, up from $96 million at year-end 2018.
