Fitch upgrades Saudi Aramco to 'A+'; outlook stable

Logo of Saudi Aramco

Fitch Ratings upgraded Saudi Aramco’s long-term foreign-and local-currency issuer default ratings (IDR) to 'A+', with stable outlook.

The upgrade follows the upgrade of Saudi Arabia, given the close links between the company and the sovereign, the rating agency said in recent report.

Saudi Aramco’s financial profile benefits from strong pre-dividend free cash flow (FCF) generation, conservative financial policies and a net cash position. Its business profile is characterised by large scale production, vast reserves, low output costs and expansion into downstream and petrochemicals.