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ADNOC Announces New Dedicated Debt Capital Markets Issuing Entity and Inaugural Credit Rating

New wholly owned subsidiary ‘ADNOC Murban’ to become primary debt capital markets issuing and rated entity for ADNOC Group

ADNOC Murban expected to be rated AA / Aa2 / AA by S&P, Moody’s and Fitch respectively

Abu Dhabi, UAE – January 25, 2022: Abu Dhabi National Oil Company (“ADNOC”) announced today, that it has created a new, wholly owned subsidiary, ADNOC Murban RSC Ltd (“ADNOC Murban”), which will become the primary debt capital markets issuing and rated entity for ADNOC Group.
ADNOC Murban is expected to be rated “AA” by Standard & Poor’s (“S&P”), “Aa2” by Moody’s Investor Services (“Moody’s”) and “AA” by Fitch Ratings (“Fitch”) – aligned with ratings assigned to ADNOC’s shareholder, the Emirate of Abu Dhabi.
These strong ratings reflect ADNOC’s conservative and robust financial profile, resilient operations, and the low cost and low carbon intensity of ADNOC Murban’s onshore production.

ADNOC expects to maintain the “AA” instrument rating provided by Fitch of the 2024 ADNOC Distribution exchangeable bonds (ISIN: XS2348411062). Separately, ADNOC has requested the withdrawal of its Group-level credit rating, first assigned by Fitch in February 2019, given the establishment of ADNOC Murban as ADNOC’s primary capital markets issuing and rated entity.

ADNOC Murban intends to closely monitor market conditions and explore potential funding opportunities.

Release Details

January 25, 2022


ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit

For media inquiries please contact:

Oliver Thompson
Manager, Financial Communications