29.11.2012 09:22
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IPIC GMTN Limited -- Moody's assigns Aa3 ratings to IPIC's issues of sr. unsecured notes

Approximately USD2.9 billion of rated debt affected

London, 29 November 2012 -- Moody's Investors Service today assigned Aa3 ratings to International Petroleum Investment Company P.J.S.C. ("IPIC") issues of USD and EUR-denominated senior notes due 2015 (USD750 million), 2018 (EUR800 million), 2023 (EUR850 million) via its subsidiary, IPIC GMTN Limited ("IGL"). IPIC's Aa3 issuer ratings and P-1 short-term ratings remain unchanged.

RATINGS RATIONALE

The notes under the GMTN programme are issued by IGL, a Cayman Islands incorporated special purpose vehicle, wholly-owned by International Petroleum Investment Company P.J.S.C. ("IPIC"). The programme and the notes' ratings are in line with IPIC's Aa3 issuer ratings as IPIC is unconditionally and irrevocably guaranteeing the notes and the notes will rank pari passu with all other unsecured and unsubordinated debt of IPIC. Moody's assumes that the proceeds from the issuance of notes will not represent incremental indebtedness of IPIC as it understands that proceeds are earmarked for repayment of upcoming maturities. IPIC reported USD 4.5bn in upcoming maturities for the 18-month period 1 Jul 2012 -- 31 Dec 2013, representing 24% of total company's (parent) debt. The extension of IPIC's debt maturity profile would better match the long-term nature of the majority of its investments.

IPIC's ratings are derived off Abu Dhabi's Aa2 sovereign ratings and currently factor very high support from the government of Abu Dhabi, given the company's central policy role in developing the Emirate's wider hydrocarbon sector as evidenced by 28 years of regular government equity injections in support of IPIC's investments. The government has formally and publicly assured that it fully and unconditionally stands behind IPIC for any debt - both principal repayments and debt servicing - on a timely basis in the event that the company were unable to provide for itself, a policy that is also expected to remain in place for the foreseeable future. Whilst this commitment is substantial and will continue to result in Moody's considering it appropriate to reflect this support in meaningful uplift to the ratings of IPIC, the one notch distinction between IPIC's rating and that of the sovereign reflects the absence of an explicit government guarantee.

The principal methodology used in rating International Petroleum Investment Company P.J.S.C. and IPIC GMTN Limited was the Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

International Petroleum Investment Company ranks amongst Abu Dhabi's sovereign-owned investment vehicles, also often referred to as sovereign wealth funds. It was created by Emiri Decree in 1984, initially as a 50:50 joint venture between the Abu Dhabi Investment Authority and the Abu Dhabi National Oil Company and later brought under direct government ownership. IPIC plays an integral role in the Abu Dhabi government's policy of safeguarding transportation and export of its crude oil by identifying long-term international investments in hydrocarbon markets with a focus on downstream operations. The company reported consolidated group assets of USD 65.4bn as of 30 June 2012 and net profit for the first six months of 2012 of USD 818m.

WHAT COULD CHANGE THE RATING UP/DOWN

What Could Change the Rating - Down

Ratings at the Aa3 level incorporate substantial uplift through implicit government support. A downgrade of the sovereign rating of Abu Dhabi and/or a weakening of IPIC's standalone profile, largely through higher leverage, could result in a downgrade. Lower ownership levels than the current 100%, a change in public policy or IPIC's mandate could lead to a re-assessment of our government support assumptions and subsequently lower ratings.

What Could Change the Rating - Up

An upgrade to Aa2 is unlikely in the absence of an explicit written guarantee from the government or the implementation of a special legal status. IPIC's ratings are sensitive to any change in Moody's assumption regarding support from the government of Abu Dhabi and assume that its current status, ownership structure and mandate are maintained. Under the assumption of a stable framework, IPIC's ratings are likely to move within one notch of Abu Dhabi's sovereign ratings.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Martin Kohlhase Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Services Limited, Dubai Branch Gate Precinct 3, Level 3 P.O. Box 506845 DIFC - DubaiUAE Telephone: 00971 4237 9536 David G. Staples MD - Corporate Finance Corporate Finance Group Telephone: 00971 4237 9536 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

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Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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