IPIC receives sovereign-equivalent rating from three global credit rating agencies | IPIC receives sovereign-equivalent rating from three global credit rating agencies -

IPIC receives sovereign-equivalent rating from three global credit rating agencies

United Arab Emirates: Monday, April 27 - 2009 @ 15:30

These ratings match the sovereign ratings of the Government of the Emirate of Abu Dhabi, underlining the company’s creditworthiness to investors, lenders and corporations worldwide and meaning that IPIC is one of the most highly rated corporations in the Middle East.

The investment grade rating reflects IPICs proximity to the Abu Dhabi government and its role as one of the Emirate’s strategic investment vehicles.

Established in 1984, IPIC is wholly owned by the Government of the Emirate of Abu Dhabi and is managed by an independent Board of Directors, whose Chairman is H.H. Sheikh Mansour Bin Zayed Al Nahyan.

IPIC currently manages assets with a value of almost $17bn and has in recent months made strategic investments in a wide range of publicly and privately held companies including global banking group Barclays; Canada’s largest chemical maker, Nova Chemicals Corporation; Spain’s second largest oil producer Compania Espanola de Petroleos S.A (Cepsa); and MAN Ferrostaal, a subsidiary of industrial conglomerate MAN.

Through its majority-owned subsidiary Aabar, IPIC announced in March that it had acquired a 9.1% stake in Germany automobile manufacturer Daimler for a consideration of €1,954m.

His Excellency Khadem Al Qubaisi, Managing Director at IPIC, said:

“We are delighted to be awarded these ratings, which reflect very positively on IPIC, our Government, and on the Emirate of Abu Dhabi itself. They are testament to the strength of the company’s financial position, the quality of its investments and our prospects for future growth and will expand our funding options for new and existing projects, as well as reinforcing strong corporate governance principles and enhancing transparency and financial discipline. While we have no immediate plans to raise external capital, the ratings will facilitate future engagement with the debt capital markets if IPIC wishes to pursue this. IPIC’s enhanced credit status will also offer considerable funding benefits to our portfolio companies.”

“We have established long term commercial partnerships that bring not only expertise but genuine long-term value to Abu Dhabi, supporting the economic development of the Emirate. We will continue to look for partnerships that accelerate this process and further increase the prosperity of our nation,” he added.

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Monday, April 27- 2009 @ 15:30 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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