Moody’s upgrades Apicorp’s credit rating to Aa2, outlook revised to stable

Moody’s upgrades Apicorp’s credit rating to Aa2, outlook stable: Moody’s has upgraded the Arab Petroleum Investments Corporation’s (Apicorp) long-term issuer and senior unsecured rating to Aa2 from Aa3, the ratings agency said in a statement. Apicorp’s outlook has been revised to stable from positive. The stable outlook is a reflection that Apicorp’s “creditworthiness will be supported by moderate leverage, high-quality development-related assets, further improvements in liquidity metrics and access to callable capital which underlines its shareholder support,” according to a company statement (pdf). Egypt is a shareholder of Apicorp, a multilateral development bank that invests in the Arab world’s oil and gas industries