https://arab.news/y252y
RIYADH: Fitch Ratings has revised Saudi Basic Industries Corporation鈥檚 long-term foreign-currency issuer default rating, IDR, to positive from stable and affirmed its A rating, following similar rating action on its majority parent Saudi Aramco.
鈥淪ABIC鈥檚 rating is aligned with that of its parent Saudi Aramco, reflecting the strength of the ties between the two companies in accordance with Fitch鈥檚 Parent and Subsidiary Linkage Rating Criteria,鈥� Fitch said.
The credit agency revealed that SABIC鈥檚 rating reflects the company鈥檚 cost leadership and conservative financial profile.
Ratings agency Fitch on April 26 revised its outlook for state-owned 抖阴短视频n Oil Co. to 鈥減ositive鈥� from 鈥渟table.鈥�
The agency had raised its outlook on 抖阴短视频 to 鈥減ositive鈥� from 鈥渟table鈥� earlier this month on the back of improvements in the country鈥檚 sovereign balance sheet thanks to higher oil revenues.
鈥淪ABIC stands out among its 鈥楢鈥� rating category peers as it is a commoditised chemical company, albeit one with a leading cost position and access to low-cost feedstock in 抖阴短视频, which underpins strong profitability and robust cash flow generation through the cycle,鈥� Fitch added.
The only other Fitch A-rated chemical company is German multinational BASF SE.