Riyadh – Mubasher: Fitch Ratings has affirmed the Saudi Arabian Oil Company's (Saudi Aramco) long-term issuer default rating (IDR) at 'A', with a “Stable” outlook.

The world's largest oil producer’s standalone credit profile (SCP) was assessed at 'aa+', the rating agency said in a recent statement.

Fitch projected Saudi Aramco's funds from operations (FFO) net leverage will amount to 1.0x at the end of 2021.

With regard to the coronavirus pandemic, the agency estimated Saudi Aramco's liquids production to fall by about 7% annually in 2020 before rebounding gradually in 2021-2022.

Moreover, it viewed the oil giant's deal to acquire a 70% stake in the Saudi Basic Industries Corporation (SABIC) as positive for Saudi Aramco's business profile. However, given Saudi Aramco's large scale earnings will continue to be dominated by upstream operations.