UAE’s ADNOC Group has set up a new, wholly-owned subsidiary, ADNOC Murban, which will become its primary debt capital markets issuing and rated entity.
ADNOC Murban is expected to be rated AA by Standard & Poor’s (S&P), Aa by Moody’s Investor Services and AA by Fitch Ratings, aligned with ratings assigned to ADNOC’s shareholder, the Emirate of Abu Dhabi, the company said in a press statement today.
ADNOC also expects to maintain the AA instrument rating provided by Fitch of the 2024 ADNOC Distribution exchangeable bonds (ISIN: XS2348411062).
The company has requested the withdrawal of its Group-level credit rating, first assigned by Fitch in February 2019, given the establishment of ADNOC Murban as ADNOC’s primary capital markets issuing and rated entity, the statement said.
“ADNOC Murban intends to closely monitor market conditions and explore potential funding opportunities,” the statement concluded.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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