Fitch has affirmed the long-term credit rating of ADNOC Murban, owned by ADNOC Group, at AA, giving it a stable outlook.
In a recent report, Fitch expected the company to raise up to $10 billion in the next few years, and ADNOC Murban is set to become the central financing instrument for the debt and capital market of the UAE ADNOC Group.
ADNOC Murban's cash flow will be more than enough to support the debt it may raise, even at very conservative oil prices; According to the agency's report.
ADNOC Murban aims to be ADNOC's primary borrower in the capital market to attract financing in the bond market.
The report indicated that, unlike traditional financial companies, their debts will not be guaranteed by the parent company, but the company will generate sufficient cash flows to support its debts; This is due to its allocated rights to Murban oil produced by ADNOC.
It is noteworthy that, last July, the credit rating agency Fitch maintained the UAE’s rating at the AA- level, with a stable outlook.
Fitch explained that stabilizing the level reflects the strength of the UAE economy, which is achieving continuous successes that confirm more prospects for stability and prosperity in the future.
