Fitch rates Saudi Aramco bond A+

Fitch Ratings said it published an expected A+ rating to Saudi Arabian Oil Co.'s (Saudi Aramco) long-term issuer default rating of A+ with stable outlook, along with an expected A+(exp) rating to Saudi Aramco's program and its upcoming bond.

Saudi Aramco is the world's largest oil producer and the national oil company of Saudi Arabia, Fitch said.

The company's standalone profile corresponds to a rating of AA+, which sits at the upper boundary of the rating spectrum for oil and gas companies, the agency said.

The ratings reflect the company's high production, vast reserves, low production costs and very conservative financial profile, Fitch said.

On the other hand, the company is less integrated into natural gas and downstream than some of its international peers, the agency said.

Saudi Aramco is also less diversified geographically as its upstream assets are located in a single country, Fitch said.

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