Thousands queue at St Mary’s Catholic Church in Dubai for Pope tickets
Officials could only allocate the parish 43,000 tickets for the public Mass in Abu Dhabi next week
The Abu Dhabi National Oil Company said on Tuesday that it has been assessed by Fitch to be among the most creditworthy oil and gas producers in the world.
The outcome represents a strong validation from one of the world’s leading credit ratings agencies of Adnoc's strategy and transformation into a more commercially driven and innovative organisation.
As a result of Adnoc’s “high upstream output, significant reserves and strong profitability”, Fitch Ratings assigned the group a standalone credit rating of AA+, which is the maximum given to companies in the energy sector according to Fitch policy. A standalone rating only takes into account the particular entity’s creditworthiness without including the ecosystem connected to it.
Currently, Adnoc has the capacity to produce 3.5 million barrels per day and plans to increase this to 4 million bpd by 2020 and 5 million bpd by 2030. It also plans in the next five years to become a net-exporter of gas.
Future expectations of oil and gas prices are also a factor in how credit ratings are calculated. When Brent crude crashed in early 2016, a number of companies in the sector received ratings downgrades. Prices have now recovered and Brent is at about $66 a barrel.
Adnoc’s “low lifting costs and low upstream capex are a significant advantage in the volatile oil price environment," Fitch said.
Updated: March 19, 2019 02:02 PM