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Moody's rates Arab Petroleum bonds A1
Moody's Investors Service said it assigned a provisional rating of A1 to the Saudi riyal-denominated senior unsecured bonds due 2015 that will soon be issued by Arab Petroleum Investments Corp.
The rating is provisionally in line with the company's existing foreign-currency issuer rating of A1 with a stable outlook.
The proceeds will be used to meet part of the company's general financing requirements.
The ratings are supported by a strong commitment from its shareholders, high-quality asset portfolio, established track record and the organization's de facto preferred creditor status, Moody's said.
Credit challenges include a significant balance sheet maturity mismatch, a lack of Aaa-rated member countries, high degree of asset concentration and lower capital adequacy than that of peers, the agency said.
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