Another Abu Dhabi Fund Seeks Out Credit Ratings

Both companies have taken on billions of dollars in debt to fuel their growth in recent years, some of which soon needs to be refinanced.

That sets them apart from the secretive and far larger Abu Dhabi Investment Authority, which likens itself to a pension fund and is not understood to seek out external sources of funding.

A spokesman declined to comment on whether ADIA, believed to be the world's biggest sovereign wealth fund, would seek its own credit ratings.

Rachel Ziemba, an analyst at RGE Monitor who tracks sovereign funds, said Abu Dhabi's decision to open some of its books to credit agencies should erase part of the "significant transparency deficit" surrounding its investments.

It also sends a signal that the funds are eager to keep spending and willing to borrow to increase their buying power.

"This allows them to keep making investments on the international capital markets without needing to sell some of their more liquid assets," Ziemba said.

Fitch Ratings and Standard & Poor's Ratings Services each rated IPIC "AA" over the long term. Moody's Investors Service gave the company a similar rating of "Aa2." The outlook for each is stable.