Capital Markets
Many NOCs have public bond issuances which require a credit rating from one of the rating agencies. This process has required that NOCs publish a certain level of financial disclosures in order to comply with SEC regulations for bond issuances in the United States. Consequently, investors have access to information from NOCs such as PEMEX, which regularly accesses the capital markets. Most Middle Eastern NOCs do not have such bond issuances. As a result, there is considerably less information on them available to outside investors.
The capital markets have proven to be a very valuable vehicle for some state-owned oil companies to shore up balance sheets by increasing liquidity, reducing leverage, or investing in infrastructure ...
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