Company’s hopes of matching Exxon and Shell dashed because of close tie-up with economic policies of Saudi Arabia
Company’s hopes of matching Exxon and Shell dashed because of its close tie-up with economic policies of Saudi ArabiaAn employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. File photo:: REUTERS/AHMED JADALLAH
Aramco intends to issue its first US dollar-denominated bonds, expected to be for at least $10bn, in the second quarter to help finance its acquisition of a stake in Saudi Basic Industries , the world’s fourth-largest petrochemicals maker. At the end of 2018, Aramco’s cash balances exceeded its balance-sheet debt, Fitch said. “We project that Saudi Aramco’s leverage will remain low, even after the recently announced acquisition of Sabic, which we expect to be predominantly funded from the company’s free cash flow,” the ratings agency said.
“Saudi Aramco’s rating is constrained by that of Saudi Arabia . This reflects the influence the state exerts on the company through taxation and dividends, as well as regulating the level of production in line with its Opec commitments,” Fitch said. The rating agency said it put Saudi Aramco’s standalone credit profile at AA+.
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