Moody's lifts Saudi Basic

Moody's Investors Services said it affirmed the A1 senior unsecured ratings of Saudi Basic Industries Corp. and its guaranteed subsidiary Sabic Capital I BV, and concurrently upgraded Saudi Basic's baseline credit assessment to A1 from A2.

The outlook is stable.

Moody's said the upgrade reflects the sustained improvement in operating performance and financial metrics reported by Saudi Basic following the completion of a number of key growth projects, which have contributed to enhance its overall revenue and cash generating capacity while trading conditions in the chemicals markets strongly recovered from the sharp downturn of late 2008/early 2009.

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