UAE – Mubasher: Fitch Ratings has affirmed the long-term issuer default rating (IDR) of Abu Dhabi National Oil Company's (ADNOC) at 'AA', with a stable outlook.
This rating was constrained by that of its 100% shareholder in Abu Dhabi at 'AA' with a stable outlook, according to a recent press release.
Meanwhile, the global rating agency has given ADNOC's standalone credit profile (SCP) 'aa+' because of its high upstream production and vast oil reserves, a very low cost of production, high financial flexibility and low leverage, and strong unit profitability compared to that of global oil majors.
It is noteworthy to mention that on Thursday, 17 December, sources told Bloomberg that ADNOC is considering the acquisition of a majority stake in Wataniya Petroleum Company, affiliated to the Egyptian Ministry of Defence’s National Service Products Organization (NSPO).
