Thursday, 21 October 2021 03:49 GMT

Value of Saudi Arabia’s oil exports increases 147 percent in May 2021

(MENAFN) The leading global credit rating agency, Fitch Ratings, revised its Saudi Aramco outlook to stable from negative as oil prices increased in 2021 and command for the crude oil estimated to remain improving through the coming year with more vaccine roll out globally.

According to the rating agency report, Fitch also affirmed the company’s long-term issuer default rating (IDR) at A. The revision of the outlook on Saudi Aramco’s IDR is driven by a similar action on the sovereign.

Fitch further declared that “We assess Saudi Aramco’s Standalone Credit Profile (SCP) at ‘AA+,’” This review comes after Fitch Ratings decision to raise Saudi Arabia’s sovereign outlook to stable from negative in the previous week due to considerably higher oil prices and remained government commitment to develop its public finances.

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