Fitch downgrades Saudi Aramco to 'A' after attacks on oil facilities

Aramco obtained its first credit rating of A+ by Fitch in April ahead of its inaugural public bond issue.

Fitch on Monday downgraded Saudi Aramco by one notch after attacks last month on two production facilities, putting the rating of the state-owned oil giant at par with the one of Saudi Arabia, which the agency downgraded on September 30.

Aramco — the world's largest oil company and the most profitable — obtained its first credit rating of A+ by Fitch in April ahead of its inaugural public bond issue.

Fitch said at the time that the company had a higher "standalone credit profile" equivalent to AA+', but that its rating was "capped by that of Saudi Arabia in view of strong linkage between the state and the sovereign".

The downgrade by one notch, from A+ to A, but a stable outlook followed the Sept. 14 attacks on Aramco's oil installations, Fitch said.