UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has established a new subsidiary, ADNOC Murban, to be the primary debt capital markets issuing and rated entity for ADNOC Group.
The wholly-owned affiliate will monitor market conditions while exploring potential funding opportunities, according to a press release on Tuesday.
ADNOC Murban is expected to be rated at ‘AA’ by Standard and Poor's (S&P), ‘Aa2’ by Moody’s Investor Services, and ‘AA’ by Fitch Ratings.
The company noted that the forecast ratings affirm the robust financial position of ADNOC and the low carbon intensity of ADNOC Murban’s onshore production.
ADNOC has submitted a request to withdraw its group-level credit rating, which was first placed by Fitch in February 2019. The withdrawal decision is following the establishment of ADNOC Murban.
