ADNOC Murban is expected to obtain a credit rating of “AA”, “Aa2” and “AA”

ADNOC establishes a new entity specializing in the issuance of debt securities in the global capital markets

The Abu Dhabi National Oil Company “ADNOC” announced the establishment of a new company under the name “ADNOC Murban RSC Limited” (ADNOC Murban), which is the main credit-rated company and issuer of debt securities in the global capital markets of the “ADNOC Group”.

ADNOC Murban is expected to obtain a “AA” rating from the international credit rating agency “Standard & Poor’s”, a “Aa2” rating from “Moody’s Investors Services” and a “AA” rating from “Fitch Ratings” (Fitch). This is in line with the classifications granted to the Emirate of Abu Dhabi.

These distinguished ratings from the largest credit rating agencies in the world also reflect ADNOC's strong operational and financial performance, ADNOC's high financial solvency, in addition to the low cost of producing Murban, the standard crude oil that ADNOC uses to sell its crude oil production from Onshore fields, which are one of the world's least carbon-emitting crude oils.

ADNOC intends to maintain the independent rating of “AA” granted by “Fitch” to the redeemable bonds issued by “ADNOC Distribution Company”, which are due for repayment in 2024, but the company requested to withdraw the credit rating at the level of “ADNOC Group”, which granted it “ Fitch” for the first time in February 2019, due to the establishment of “ADNOC Murban”, which is the main credit-rated company and issuer of debt securities in the global capital markets of the “ADNOC Group”.

ADNOC Murban will closely monitor the markets and explore potential financing opportunities.

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