Fitch Affirms Saudi Aramco Ratings on Vast Reserves, Low Production Costs

11:23 PM EST, 12/08/2025 (MT Newswires) -- Fitch affirmed its A+ long-term foreign and local-currency issuer default ratings on Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, with stable outlooks. The rating agency noted in a Monday release that the oil giant benefits from vast reserves, a conservative balance sheet and low production costs, combined with an "exceptional" production scale. However, its long-term issuer default ratings remain constrained by those of Saudi Arabia, its largest shareholder with the ability to influence the company's strategic decisions. Fitch expects market fundamentals for oil to moderate over the next two years due to oversupply, prompting lower oil price assumptions for 2025 to 2027.