Moody's ups Arab Petroleum to Aa3

Moody's Investors Service said it upgraded the issuer rating and senior unsecured rating of Arab Petroleum Investments Corp. by one notch to Aa3 from A1.

Arab Petroleum is the multilateral development bank owned by the member states of the Organization of Arab Petroleum Exporting Countries.

The rating outlook on the Aa3 rating is stable.

Arab Petroleum's short-term issuer rating remains unchanged at Prime-1.

Moody's said the key driver for today's upgrade is a change in Arab Petroleum's capital structure through the introduction of callable capital, which has effectively doubled its capital base.

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