IPC Announces Confirmation of Corporate and Bond Credit Ratings

International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that international credit rating agencies S&P Global Ratings and Moody’s have reaffirmed IPC’s corporate and bond credit ratings. In respect of IPC’s corporate credit ratings, S&P Global Ratings has affirmed a credit rating of B with Stable outlook and Moody’s has affirmed a credit rating of B1 with Stable outlook. In respect of IPC’s outstanding USD 300 million 7.25% senior unsecured bonds with maturity in 2027 (ISIN NO 0012423476), S&P Global Ratings has affirmed a credit rating of B+ and Moody’s has affirmed a credit rating of B1.