Abu Dhabi: Fitch Ratings (Fitch) on Sunday affirmed ADNOC Group a standalone credit rating of ‘AA+’ to reflect the energy giant’s high upstream production and vast oil reserves.
The ratings agency also cited low cost of production, integration into downstream operations, conservative financial policies, high financial flexibility and strong unit profitability.
“These ratings validate the bold ambitions ADNOC has set itself under our progressive and sustainable 2030 growth strategy, underpinned by the recent announcement of an ambitious five-year spending plan for 2021-2025 approved in November 2020 by the Supreme Petroleum Council,” said Ahmed Jasim Al Zaabi, Group Chief Financial Officer at ADNOC, in a statement.