Saudi Aramco, the world’s top oil producer, has been rated A+ by Fitch in its first-ever credit rating, ahead of the state oil giant’s first global bond sale and following 2018 earnings that dwarfed those of international oil majors, ONA reports citing Reuters.
Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion in 2018, Fitch said on Monday, surpassing ExxonMobil, the world’s largest listed oil firm.
Aramco intends to issue its first US dollar-denominated bonds, expected to be for at least $10 billion, in the second quarter to help finance its acquisition of a stake in SABIC, the world’s fourth-largest petrochemicals maker.
The Saudi oil producer is expected to start meeting bond investors this week, sources familiar with the matter told Reuters on Thursday.
Last week, Aramco said it would buy a 70 percent stake in Saudi Basic Industries Corp (SABIC) from the kingdom’s wealth fund for $69.1 billion, in one of the biggest deals in the global chemical industry.