RATING assigns 'AAA' rating to Saudi Aramco; outlook 'stable'

Financial Analytics Co. (RATING) issued a report on Saudi Aramco, assigning the oil major a “AAA” credit rating with a "stable" outlook.

The brokerage said the rating reflects Aramco’s position as the world’s largest integrated energy and chemicals company and a key pillar of Saudi Arabia’s economy.

The rating is primarily supported by the Saudi government's 81.48% ownership in Aramco, held through the Public Investment Fund (PIF), which provides Aramco with unprecedented sovereign backing.

The report noted that this ownership structure, together with Aramco’s exclusive concession rights over the Kingdom’s hydrocarbon resources, a proven reserves base exceeding 258 billion barrels of oil equivalent, and industry-leading upstream production costs of around $2–3 per barrel, collectively underpin a unique business risk profile within the Saudi corporate sector and among the strongest globally.

RATING added that the Saudi-listed oil company’s leverage metrics rank among the most conservative globally, with a debt ratio of only 3.8%.

The brokerage said the "stable" outlook reflects its view that Aramco’s integrated business model, disciplined capital allocation framework, and strong cash position of SAR 257 billion ($64.8 billion) provide robust protection across a wide range of oil price scenarios, estimating that prices could fall to around $50 per barrel before any material credit pressure emerges.

RATING further noted that Aramco’s ongoing $50.8 billion capital program, including Jafurah gas expansion, renewable energy investments, and AI-supported operational efficiency initiatives, enhances long-term earnings and cash flow visibility, supporting the rating.