Abu Dhabi state-owned oil giant gets top credit rating

ADNOC releases licensing blocks.
ADNOC releases licensing blocks.

Abu Dhabi’s government-owned oil giant was assigned the region’s highest credit rating as the company pursues international investors and seeks to raise new funds from its businesses.

Fitch Ratings gave Abu Dhabi National Oil Co (Adnoc) an AA long-term credit rating, it said in a statement.

Saudi Aramco, the world’s biggest oil company, plans to sell about $10 billion in bonds this year and is in talks with ratings agencies aimed at getting its own debt ranking.

Adnoc said in a separate statement it has no plans to issue a bond at the group level.