Aramco Accounts Show Scale of Challenge Facing Crown Prince - Bloomberg:
"The first look at the financial guts of Saudi Aramco show a corporate cash gusher, pumping billions in profit every month and beating every other big name in global business. But they also illustrate the scale of the challenge Crown Prince Mohammed Bin Salman faces to achieve his twin desires -- a $2 trillion valuation in an initial public offering of the state-owned behemoth, plus a generous flow of cash into government coffers to fund a crowded policy agenda. The financial information reviewed by Bloomberg News revealed huge profits, a pristine balance sheet and world-beating production costs. The figures also show the Saudi Finance Ministry, rather than investors, as the main beneficiary from oil’s rise above $70 a barrel, and it would reap an even greater share of any gains above $100."
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Saturday, 14 April 2018
Saudi Arabia Affirmed by Moody's on Fiscal Consolidation Effort - Bloomberg
Saudi Arabia Affirmed by Moody's on Fiscal Consolidation Effort - Bloomberg:
"Saudi Arabia’s sovereign credit rating was affirmed at A1 by Moody’s Investors Service on expectations that fiscal consolidation will continue over the medium term, stabilizing the government’s debt burden.
Moody’s expects the government’s ambitious structural reform agenda to "reduce the exposure of Saudi Arabia’s economy and public sector balance sheet to oil prices," according to the statement. The stable outlook indicates that the risks to the ratings are balanced, the agency said.
Saudi Arabia’s economy contracted 0.7 percent last year as the kingdom cut oil output and the private sector struggled with lower crude prices and rapid economic policy shifts meant to diversify and open up the oil-reliant economy."
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"Saudi Arabia’s sovereign credit rating was affirmed at A1 by Moody’s Investors Service on expectations that fiscal consolidation will continue over the medium term, stabilizing the government’s debt burden.
Moody’s expects the government’s ambitious structural reform agenda to "reduce the exposure of Saudi Arabia’s economy and public sector balance sheet to oil prices," according to the statement. The stable outlook indicates that the risks to the ratings are balanced, the agency said.
Saudi Arabia’s economy contracted 0.7 percent last year as the kingdom cut oil output and the private sector struggled with lower crude prices and rapid economic policy shifts meant to diversify and open up the oil-reliant economy."
'via Blog this'