The Abu Dhabi National Oil Company (ADNOC) has announced that Fitch Ratings, a global credit rating agency, has assigned ADNOC group a standalone credit rating of AA+
According to Fitch, the rating highlights the company’s high upstream output and significant reserves, strong profitability, a commercially focused business model, downstream integration and a conservative financial profile.
Fitch also assigned a Long-Term Issuer Default Rating (IDR) of AA with a Stable Outlook to ADNOC, in line with Abu Dhabi’s sovereign rating, reflecting Fitch’s assessment of the strong links between ADNOC and the Abu Dhabi government.
The standalone and long-term IDR ratings are the highest ratings currently assigned by Fitch to any oil and gas company worldwide.
Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, stated, “The announcement by Fitch recognises the company's world-class resources, our strong operating and financial performance, our robust financial profile and our disciplined investment model.”
“These ratings further enhance transparency for all our stakeholders including our shareholder, partners, investors, lenders and employees as we seek to more proactively manage our resources, assets and capital to unlock greater value from every hydrocarbon molecule we produce,” he explained.
“These high ratings are a testament to its transformation, under the wise guidance of the UAE’s leadership, and the hard work and dedication of our employees who have contributed to the sustained growth of the company since its establishment,” he added.
ADNOC stated that the new ratings validate its 2030 smart growth strategy, supported by an unwavering commercial focus and performance-led culture.
In 2018, the company achieved its production capacity target of 3.5mn bpd, and was named the most valuable brand in the Middle East last month.
While the company has no plans to issue a bond at the group holding level, these credit ratings will enable greater access to a more international investor base and provide it with additional smart financing options.
