Fitch cuts Saudi Aramco

Fitch Ratings said it downgraded Saudi Arabian Oil Co.’s (Saudi Aramco) long-term issuer default rating to A from A+ following the downgrade of Saudi Arabia.

“The sovereign downgrade followed the drone and missile attack on Saudi Aramco’s domestic infrastructure on 14 September 2019, which resulted in a short suspension of more than half of the company’s oil production. The downgrade also took into account rising geopolitical tensions in the region, but also the country’s continued fiscal deficit, among other factors,” Fitch said in a press release.

The outlook is stable.

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