TEXT-S&P rates International Petroleum Investment bonds 'AA'

Mon Nov 26, 2012 12:17pm EST

Nov 26 - Standard & Poor's Ratings Services said today it has assigned its
'AA' long-term debt rating to two proposed senior unsecured Eurobonds and one
proposed U.S.-dollar bond to be issued by Abu Dhabi government-owned
International Petroleum Investment Company GMTN Ltd. (IPIC GMTN) 

IPIC GMTN is a special-purpose entity that is a wholly-owned subsidiary of 
100% state-owned Abu Dhabi-based IPIC (AA/Stable/A-1+). The entity was 
established for the issuance of notes under its guaranteed global medium-term 
note program. The payment of amounts due under this program is unconditionally 
and irrevocably guaranteed by IPIC.

The ratings on IPIC, which is fully owned and controlled by the Emirate of Abu 
Dhabi (AA/Stable/A-1+), reflect our assessment of IPIC under our criteria for 
government-related entities. The Abu Dhabi government has declared its "full 
and unconditional" support for IPIC. Therefore, we equalize the ratings on 
IPIC with those on Abu Dhabi because we believe that there is an "almost 
certain" likelihood that the Abu Dhabi government would provide timely and 
sufficient extraordinary support to IPIC in the event of financial distress. 
Notably, this assessment on IPIC remains in place following recent discussions 
of a review of Abu Dhabi's debt-guarantee policy.

IPIC's public-policy role is to implement the government's long-term 
development strategy as outlined in its Economic Vision 2030. The company 
manages investments to develop the hydrocarbon and petrochemical industries, 
as well as to implement strategic national projects with a view to securing 
demand for Abu Dhabi's oil. This, coupled with IPIC's operational proximity to 
the Abu Dhabi government and repeated governmental capital increases, leads us 
to conclude that the government would be willing to provide substantial 
ongoing support to IPIC's operations and to intervene in a timely manner if 
the company were to require extraordinary financial support.

RELATED CRITERIA AND RESEARCH
     -- Rating Government-Related Entities: Methodology And Assumptions, Dec. 
9, 2010



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