S&P: Abu Dhabi Crude Oil bonds AA

S&P said it assigned its preliminary AA long-term rating to the $3.07 billion senior secured bonds to be issued by Abu Dhabi Crude Oil Pipeline LLC.

The issuance will be split into $869 million series A bonds due 2029 and $2.2 billion series B bonds due 2047.

The outlook is stable.

“The preliminary AA long-term rating reflects our assessment of the creditworthiness of Abu Dhabi Company for Onshore Petroleum Operations Ltd., the sole operator and maintenance provider for ADCOP's pipeline and the sole off-taker under a robust use and operations contract,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.