Fitch Affirms Saudi Aramco at 'A+' with Stable Outlook

 Saudi Aramco logo (AFP)

Fitch Ratings on Tuesday affirmed Saudi Aramco’s long-term issuer default ratings at “A+” for both foreign- and local-currency ratings, with a stable outlook.
In a statement, Fitch Ratings praised Aramco's sustainable dividend policy. It said the company delivered a sustainable and progressive base dividend of $81.2 billion in 2024.
“Saudi Aramco is one of the world's largest oil producers and Saudi Arabia's national oil company,” Fitch Ratings said. “Its financial profile benefits from strong pre-dividend free cash flow (FCF) generation and conservative financial policies.”
Also, Aramco’s business profile is characterized by large-scale production, vast reserves, low production costs and expansion into downstream and petrochemicals, the rating company noted.
According to Fitch Ratings, Saudi Aramco has the flexibility to reconsider its dividend commitment if oil prices fall or capex is higher than we currently assume.
It explained that Saudi Aramco’s rating reflects its large reserve and production base, and a robust financial profile characterized by strong profitability, liquidity and market access.