Fitch Ratings affirms SABIC at A+

Fitch Ratings has affirmed Saudi Basic Industries Corp's (SABIC) long-term issuer default rating (IDR) and senior unsecured rating at A+, the petrochemical giant said in a statement.

This rating is considered the sector’s highest. It reflects SABIC’s financial position, its strong cash flow and ability to fulfill its liabilities.

While Fitch’s rating measures factors related to the company's financial performance, it largely reflects global investors’ trust in SABIC and the firm’s ability to attract investments to the Saudi market as per the objectives of Vision 2030, the statement said.

The rating was based on many factors, including a projection of stable feedstock prices during this year and SABIC’s strong performance in 2017, it added.