Fitch rates #Saudi Aramco's debut bonds final A+ | ZAWYA MENA Edition

Fitch rates Saudi Aramco's debut bonds final A+ | ZAWYA MENA Edition:

Fitch Ratings-London-April 10: Fitch Ratings has assigned Saudi Arabian Oil Company's (Saudi Aramco) GMTN programme and debut bonds issued under the programme final 'A+' senior unsecured ratings. The ratings are in line with Saudi Aramco's 'A+' Issuer Default Rating (IDR), which has a Stable Outlook.

Saudi Aramco is the world's largest oil producer and the national oil company of Saudi Arabia (A+/Stable). Its standalone profile corresponds to a rating of 'AA+', which sits at the upper boundary of the Fitch rating spectrum for oil and gas companies, and reflects the company's high production, vast reserves, low production costs and very conservative financial profile.

On the other hand, the company is less integrated into natural gas and downstream than some of its international peers, though this would somewhat improve following the acquisition of Saudi Basic Industries Corp. (Saudi Basic Industries Corp. (SABIC)3, A+/Stable). Saudi Aramco is also less diversified geographically as its upstream assets are located in a single country.