Abu Dhabi National Oil Company (Adnoc) has created a new, wholly-owned subsidiary, Adnoc Murban RSC, which will become the primary debt capital markets issuing and rated entity for the Emirati group.
Adnoc Murban is expected to be rated "AA" by Standard & Poor’s (S&P), "Aa2" by Moody’s Investor Services (Moody’s) and "AA" by Fitch Ratings (Fitch) - aligned with ratings assigned to its key shareholder, the emirate of Abu Dhabi.
These strong ratings reflect Adnoc’s conservative and robust financial profile, resilient operations, and the low cost and low carbon intensity of Adnoc Murban’s onshore production.
Adnoc expects to maintain the "AA" instrument rating provided by Fitch of the 2024 Adnoc Distribution exchangeable bonds.
Separately, the Abu Dhabi oil company has requested the withdrawal of its group-level credit rating, first assigned by Fitch in February 2019, given the establishment of Adnoc Murban as ADNOC’s primary capital markets issuing and rated entity.