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Abu Dhabi state oil firm Adnoc received an industry leading AA credit rating from Fitch this week – unsurprisingly in line with the emirate’s own rating. Adnoc says that it “undertook this ratings exercise as part of its new approach to expand its partner and investor universe, as well as more actively manage its assets and capital.” The firm says that while it “has no plans to issue a bond at the Group holding level, these credit ratings will enable greater access to a more international investor.”
The move was announced on 19 February, one day before the Financial Times reported that Adnoc is in talks with US investors Blackrock and KKR over investing in its pipeline network. (CONTINUED - 117 WORDS)