Abu Dhabi National Oil Company (ADNOC) announced today that it has acquired an independent rating of AA + from Fitch, which indicated that this classification is the result of the high productivity achieved by ADNOC's exploration, development, production and profitability As well as its focus on increasing economic returns, integrating its operations in the refining and petrochemical sector, as well as strong performance and high financial solvency.
Fitch also granted AA the ability to meet its long-term obligations with a stable outlook consistent with Abu Dhabi's sovereign rating, reflecting the strong ties between ADNOC and the Abu Dhabi government, the company said in a statement.
Fitch Ratings said that these ratings are currently the highest credit ratings granted to oil and gas companies.
"Thanks to the leadership's guidance, ADNOC is making great progress in various aspects of the business," said Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Chief Executive Officer of ADNOC. "The Fitch ratings underscore the progress we are making based on dedicated efforts For our human cadres, which contributed to the continuous growth achieved by the group since its inception. "
"These ratings reflect ADNOC's global quality of resources, performance, strong financial position, investment model, approach to documenting strategic strategic partnerships, proactive and effective asset and capital portfolio management in line with global best practice, as well as large plans, aspirations and objectives. Which the company seeks to achieve within its integrated 2030 strategy for smart growth, including increased efficiency, improved performance, increased flexibility and greater focus on the commercial dimension, economic return and profitability. "
"These ratings strengthen ADNOC's visibility and transparency for all parties, including shareholders, partners, investors, funding institutions and our human cadres, as we seek to enhance the proactive management of our resources, asset portfolio and capital to achieve greater value per barrel of oil we produce," said Al Jaber.
Bank of America Merrill Lynch and Citigroup have been providing technical advice during the credit rating process.
The new Fitch ratings are the result of ADNOC's qualitative shift and the emphasis on the effectiveness of its integrated 2030 Smart Growth strategy, which is based on an institutional culture that focuses on excellence, profitability and increased economic returns. Over the past three years, ADNOC has achieved exceptional achievements, most notably the consolidation of the Group's business and corporate identity, the launch of its global capital markets for the first time, the successful IPO of one of its companies, the opening of franchises to new strategic partners, Has announced the growth and expansion of its AED 165 billion refining and petrochemicals business and the launch of a competitive bid to license new areas for the exploration, development and production of oil and gas in Abu Dhabi.
- ADNOC receives highest ratings from Fitch
For oil and gas companies.
- 165
Billion AED Investments
For ADNOC for growth
The expansion of the field
Refining and petrochemicals.