Logo ofSaudi Arabian Oil Co.
Fitch Ratings affirmed Saudi Arabian Oil Co.’s (Saudi Aramco) long-term foreign- and local-currency issuer default ratings (IDRs) at ‘A+’ with Stable outlook. 
In a statement on Dec. 9, the ratings agency said that Saudi Aramco’s long-term IDRs are constrained at those of its majority shareholder, Saudi Arabia, given its close links with the sovereign.
“We assess Saudi Aramco’s Standalone Credit Profile (SCP) at ‘aa+’,” Fitch added.
The rating reflects the giant oil exporter’s large reserve and production base, and a robust financial profile characterised by strong profitability, liquidity and market access.
Fitch added that Aramco delivered a sustainable and progressive base dividend in 2024. Saudi Aramco’s capital expenditure (capex) and base dividend payments should be broadly covered by operating cash flow, according to Fitch’s oil price assumptions.
“We assume that Saudi Aramco has the flexibility to reconsider its dividend commitment if oil prices fall or capex is higher than we currently assume,” Fitch added.
Logo ofSaudi Arabian Oil Co.
Fitch Ratings affirmed Saudi Arabian Oil Co.’s (Saudi Aramco) long-term foreign- and local-currency issuer default ratings (IDRs) at ‘A+’ with Stable outlook.
In a statement on Dec. 9, the ratings agency said that Saudi Aramco’s long-term IDRs are constrained at those of its majority shareholder, Saudi Arabia, given its close links with the sovereign.
“We assess Saudi Aramco’s Standalone Credit Profile (SCP) at ‘aa+’,” Fitch added.
The rating reflects the giant oil exporter’s large reserve and production base, and a robust financial profile characterised by strong profitability, liquidity and market access.
Fitch added that Aramco delivered a sustainable and progressive base dividend in 2024. Saudi Aramco’s capital expenditure (capex) and base dividend payments should be broadly covered by operating cash flow, according to Fitch’s oil price assumptions.
“We assume that Saudi Aramco has the flexibility to reconsider its dividend commitment if oil prices fall or capex is higher than we currently assume,” Fitch added.
