RIYADH: Fitch Ratings has revised Arab Petroleum Investments Corp’s outlook on its long-term issuer default rating to positive from stable — affirming it at AA.
The revised outlook reflected “steady improvements in key solvency and liquidity metrics over recent years” and its expectation that this trend will continue, according to a statement.
The Fitch report noted APICORP’s usable capital-to-risk-weighted-assets ratio of 52 percent and equity-to-adjusted-assets ratio of 32 percent, both of which are “well above the ‘excellent’ thresholds of 35 percent and 25 percent, respectively.”
The multilateral financial institution is rated Aa2 by Moody’s and AA- by S&P.
Established in 1975 by ten Arab oil exporting countries, APICORP seeks to support the sustainable development of the region’s energy sector through a range of financing and direct equity solutions.
