190127 adnoc
Image Credit: ADNOC

Dubai: Abu Dhabi National Oil Company (Adnoc) has just earned a high credit score from Fitch, making it the top-rated oil and gas company in the world.

The UAE company announced on Tuesday that it has been assigned a rating of AA+ by ratings agency Fitch due to the company’s strong profitability.

The rating is currently the highest assigned by the US-headquartered firm to an organisation in the oil and gas sector.

Fitch Ratings is one of the three leading statistical rating organisations in the world, the other two being Moody’s and Standard & Poor.

Fitch also assigned a long-term issuer default rating (IDR) of AA with a stable outlook to Adnoc, in line with the sovereign rating of Abu Dhabi, reflecting Fitch’s assessment of the strong linkages between Adnoc and the Abu Dhabi government.

“Both the standalone and long-term IDR rating are the highest ratings currently assigned by Fitch for any oil and gas company, globally,” Adnoc said in a statement.

The company has recently been named the most valuable brand in the Middle East by Brand Finance, a valuation and strategy consultancy. Just this month, Adnoc Distribution reported an 18 per cent increase in net profit for 2018. The growth in earnings was driven by expansion of fuel stations and convenience stores.

Sultan Ahmed Al Jaber, UAE minister of state and Adnoc Group CEO, said the latest rating recognises Adnoc’s “world-class resources” as well as its “strong operating and financial performance, robust financial profile and disciplined investment model.”

“These best-in-sector ratings also reflect our more open and flexible approach to strategic partnerships and the more efficient and active management of our capital and assets and validate the bold ambitions we have set for Adnoc under our progressive 2030 strategy,” he added.