Abu Dhabi’s state oil company ADNOC has set up a subsidiary, ADNOC Murban, to issue primary debt and explore new funding opportunities.
ADNOC Murban will become the primary debt capital markets issuing and rating entity for the ADNOC Group, the state oil giant said in a statement.
Named after Murban, ADNOC’s flagship crude grade, the unit is expected to be rated AA by Standard & Poor’s, Aa2 by Moody’s Investor Services and AA by Fitch ratings, it said.
The ratings are aligned with its shareholder, the emirate of Abu Dhabi, it said.
Global debt markets have been rattled by the US Federal Reserve’s indications of a faster run of interest rate hikes and stimulus withdrawal, with the resulting rise in borrowing costs leaving investors more reluctant to lend to companies until the picture is clearer.