APICORP Receives Credit Rating of ‘AA’ with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth

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  • Stable outlook a reflection that APICORP’s credit profile is resilient to negative pressures stemming from the COVID-19 pandemic and oil price shock
  • Key drivers of the rating include APICORP’s intrinsic credit features, excellent capitalization, low risk profile, high credit quality of its borrowers and strong risk management practices
  • Fitch assesses APICORP’s access to capital markets and alternative sources of liquidity as ‘strong’
  • This second rating makes APICORP the only financial institution in the MENA region rated ‘AA’ by Fitch and ‘Aa2’ by Moody’s


DAMMAM, SAUDI ARABIA – EQS Newswire – June 23, 2020 – The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, today announced that Fitch Ratings assigned it a Long-Term Issuer Default Rating (IDR) of ‘AA’ with a Stable Outlook.

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According to Fitch, APICORP’s Long-Term IDR of ‘AA’ is based on excellent capitalization with low risk profile, and strong liquidity assessment with a ‘medium risk’ business environment. The Stable Outlook reflects Fitch’s view that “APICORP’s credit profile is resilient to negative pressures stemming from the COVID-19 pandemic and oil price shock.”

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Furthermore, Fitch affirmed that APICORP, as a commercially focused MDB with an above-peer level of internal capital generation, has been profitable in almost every year since its inception. This is, in Fitch’s view, due to very limited credit losses, as evidenced by the high credit quality of its borrowers and ‘very low’ NPL [non-performing loans], as well as strong performance of the equity portfolio.

Dr. Ahmed Ali Attiga, CEO of APICORP, said: “We are pleased that the new rating from Fitch reaffirms APICORP’s robust and healthy financial profile, underpinned by a sustainable business model that continues to drive value and growth. This is a testament of APICORP’s ability to execute its important public mandate in the strategic and vital energy sector within our Member Countries, and beyond. Moreover, we are delighted with the recognition of our strong and prudent governance and risk management frameworks, policies, and tools, which alongside our strong business origination and management, ensure APICORP’s overall resilience, despite the COVID-19 pandemic and oil price fluctuations.”

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Notably, Moody’s Investor Service reaffirmed APICORP’s credit rating of ‘Aa2’ with a ‘Stable’ outlook, in April this year, reflecting its strong financial fundamentals, despite current economic and market shocks.

This second rating makes APICORP the only financial institution in the MENA region rated ‘AA’ by Fitch and ‘Aa2’ by Moody’s.

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APICORP also posted strong financial results for the year ended 2019, including a 17% Y-O-Y increase in net recurring income to USD112 million, up from USD96 million at year end 2018. Moreover, APICORP’s General Assembly ratified a landmark callable capital increase to USD8.5 bn, in April 2020, demonstrating strong shareholder support and long-term commitment.

For the full report from Fitch: https://www.fitchratings.com/research/sovereigns/fitch-rates-arab-petroleum-investments-corporation-at-aa-outlook-stable-22-06-2020

About APICORP:

The Arab Petroleum Investments Corporation (APICORP) is a multilateral development financial institution established in 1975 by an international treaty between the ten Arab oil exporting countries. It aims to support and foster the development of the Arab world’s energy sector and petroleum industries. APICORP makes equity investments and provides project finance, trade finance, advisory and research. APICORP is rated ‘Aa2’ with stable outlook by Moody’s and ‘AA’ with a stable outlook by Fitch. APICORP’s headquarters is in Dammam, Kingdom of Saudi Arabia.

More information can be found at: www.apicorp.org

APICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth

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APICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand SpurAPICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand Spur

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APICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand SpurAPICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand Spur

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Qatar Airways Launches Ferry Transfer Service from Shenzhen Shekou to Hong Kong International Airport

Qatar Airways introduces Upstream Check-in Service in Shenzhen starting from 15 April 2021 to offer greater connectivity in the Greater Bay Area

Local passengers will have the option to utilise the 30-minutes-long ferry service to fly out of Hong Kong; "Asia's World City" to over 80 destinations in Europe, the Middle East, Africa and the Americas


SHENZHEN & HONG KONG SAR, CHINA - Media OutReach - 12 April 2021 - Qatar Airways today announced the sea-to-air ferry transfer service from Shenzhen Shekou Port to the SkyPier in the airside of Hong Kong International Airport (HKIA) starting from 15 April 2021, providing passengers in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), one of the world's most dynamic mega-regions, convenient access to the airline's global network from "Asia's World City".


APICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand Spur

Partnering with Airport Authority Hong Kong, the introduction of the Upstream Check-in Service will allow Qatar Airways customers in Shenzhen greater flexibility and enhanced travel options to the world from Hong Kong, where the airline operates daily direct service to Doha with its modern and fuel-efficient Airbus A350-900 aircraft that features 36 lie-flat seats in Business Class and 247 seats in Economy Class.

Qatar Airways customers can purchase their ferry tickets from SkyLink or the port's website. Passengers utilising the 30-minutes-long ferry service will be provided with boarding passes and baggage check-through service to their final destinations at the Shenzhen Shekou terminal, where they will also clear their customs and immigration. Upon arrival at SkyPier, customers can proceed directly to their Qatar Airways boarding gate, or enjoy the award-winning duty-free shopping experience and fine-dining options at HKIA before continuing a seamless and hassle-free onward journey with the airline to more than 80 destinations in Europe, the Middle East, Africa and the Americas.

Mr. Thomas Scruby, Qatar Airways Vice President of Sales for Australasia & North Asia, said: "The introduction of ferry transfer service will boost our footprint in the Greater Bay Area by providing our Southern Chinese customers more flexible flying options via HKIA. We know connectivity within the region and to the wider world is critical for the success of the GBA. Therefore, we are excited to do our part to build the infrastructure necessary to make it easier and smoother for local customers to travel despite the disruption caused by the pandemic around the world."

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"We are confident in the market's demand and our commitment to the region remains resolute. The next phase of our partnership with Airport Authority Hong Kong will see the ferry transfer service to be further expanded to other key GBA metropolis such as Macau and Dongguan once government restrictions are lifted, allowing even more customers in the region to enjoy the world-class experience that Qatar Airways has to offer."

Premium customers opting for the ferry transfer service can continue to enjoy the luxurious on-ground experience at the Plaza Premium Lounge, conveniently located near Gate 1 at the South Departures Hall in Hong Kong International Airport. Passengers will be able to take advantage of the well-furnished environment with comfortable seating, shower rooms, contactless food ordering service, highspeed Wi-Fi and international TV channels. Privilege Club Gold members and above as well as selected oneworld frequent flyers also enjoy access to The Wing located near Gates 1 - 4, the industry-renowned lounge operated by Cathay Pacific, where guests can recharge, relax, and catch up with work before boarding their Qatar Airways flights.

The Greater Bay area is home to many of the nation's leading universities and academic institutions; the ferry transfer service will also provide more travel choices to the area's students wishing to complete their higher-education or exchange programs abroad. International students will be able to enroll in Qatar Airways Student Club and enjoy a wide range of benefits throughout their educational journey, such as special fares, extra baggage allowances, the flexibility to change the dates of their flight, complimentary Super Wi-Fi onboard, and more. For information about Student Club, visit: https://www.qatarairways.com/en/student-club.html

In addition to the highest safety standards, passengers flying with Qatar Airways will enjoy an even greater range of thoughtfully designed onboard experiences, including locally inspired menus, multi-language entertainment programs within the airline's award-winning IFE system, as well as Cantonese and Mandarin-speaking staff service both onboard and at the airline's five-star hub Hamad International Airport (HIA).

Qatar Airways continues to expand its network of destinations, offering more flights to international destinations than any other airline. By the middle of summer 2021, Qatar Airways' plans to rebuild its network to more than 140 destinations including 23 in Africa, 14 in the Americas, 43 in Asia-Pacific, 43 in Europe and 19 in Middle East. Many cities will be served with a strong schedule with daily or more frequencies.

Qatar Airways has become the first global airline in the world to achieve the prestigious 5-Star COVID-19 Airline Safety Rating by international air transport rating organisation, Skytrax. This follows HIA's recent success as the first airport in the Middle East and Asia to be awarded a Skytrax 5-Star COVID-19 Airport Safety Rating. These recognitions provide assurance to passengers across the world that airline health and safety standards are subject to the highest possible standards of professional, independent scrutiny and assessment. For full details of all the measures that have been implemented onboard and in HIA, please visit qatarairways.com/safety.

A multiple award-winning airline, Qatar Airways was named 'World's Best Airline' by the 2019 World Airline Awards, managed by the international air transport rating organisation Skytrax. It was also named 'Best Airline in the Middle East', 'World's Best Business Class', and 'Best Business Class Seat', in recognition of its ground-breaking Business Class experience, Qsuite. Qsuite is available on flights to more than 45 destinations including Johannesburg, Frankfurt, New York and Singapore.

About Qatar Airways:

A multiple award-winning airline, Qatar Airways was named 'World's Best Airline' by the 2019 World Airline Awards, managed by international air transport rating organisation Skytrax. It was also named 'Best Airline in the Middle East', 'World's Best Business Class' and 'Best Business Class Seat', in recognition of its ground-breaking Business Class experience, Qsuite. Qatar Airways is the only airline to have been awarded the coveted "Skytrax Airline of the Year" title, which is recognised as the pinnacle of excellence in the airline industry, five times.


Hamad International Airport (HIA), the airline's home and hub, was recently ranked "Third Best Airport in the World", among 550 airports worldwide, by the SKYTRAX World Airport Awards 2020. Rising from fourth position in 2019 to third in 2020, HIA has been steadily rising in the 'World's Best Airports' rankings since the start of its operations in 2014. In addition, HIA was voted the 'Best Airport in the Middle East' for the sixth year in a row and 'Best Staff Service in the Middle East' for the fifth year in a row.


Qsuite, a patented Qatar Airways product, features the industry's first-ever double bed in Business Class, as well as privacy panels that stow away, allowing passengers in adjoining seats to create their own private room, a first of its kind in the industry.

Qatar Airways was the first Gulf carrier to join global airline alliance oneworld, enabling its passengers to benefit from more than 1,000 airports in more than 160 countries, with 14,250 daily departures.


Oryx One, Qatar Airways' in-flight entertainment system offers passengers up to 4,000 entertainment options from the latest blockbuster movies, TV box sets, music, games and much more. Passengers flying on Qatar Airways flights served by its B787, B777, A350, A380, A319 and select A320 and A330 aircraft can also stay in touch with their friends and family around the world by using the award-winning airline's on-board Wi-Fi and GSM service.


Qatar Airways proudly supports a range of exciting international and local initiatives dedicated to enriching the global community that it serves. Qatar Airways, the official FIFA partner, is the official sponsor of many top-level sporting events, including the FIFA World Cup Qatar 2022TM, reflecting the values of sports as a means of bringing people together, something at the core of the airline's own brand message - Going Places Together.


Qatar Airways Cargo, one of the world's leading international air cargo carriers, serves more than 60 freighter destinations worldwide via its world-class Doha hub and also delivers freight in the belly-hold of passenger aircraft to an extensive global network. The Qatar Airways Cargo fleet includes two Boeing 747-8 freighters and 24 Boeing 777 freighters.


Qatar Executive is the private jet charter division of Qatar Airways Group. Luxury jet services are available for worldwide charter on board the operator's wholly-owned business jet fleet. Qatar Executive is the launch customer for Gulfstream's G700, the world's first commercial service operator of the Gulfstream G500 and largest commercial operator of the G650ER worldwide. Qatar Executive's service portfolio also includes aircraft management, maintenance and Fixed Based Operator services.

APICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand Spur
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- Advertisement -APICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand SpurAPICORP Receives Credit Rating of 'AA' with a Stable Outlook from Fitch Ratings, Reflecting Strong Credit Profile and Continued Growth - Brand Spur