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Sabic credit rating upgraded
- Saudi Arabia: Monday, October 29 - 2012 at 07:59
Moody's Investors Services has said its baseline credit assessment of Saudi Basic Industries Corp (Sabic) has been upgraded due to its "sustained improvement in operating performance and financial metrics," Saudi Gazette has reported. The rating agency raised the BCA of the world's biggest petrochemicals group by market value to 'a1' from 'a2' and also affirmed the 'A1' senior unsecured ratings, with 'Stable' outlook. The rating agency also warned that the downward pressures on product pricing witnessed in the petrochemicals markets in recent quarters may intensify going into 2013, as new capacity is expected to come on stream at a time when global economic growth conditions are uncertain. "That said, Sabic is well equipped to withstand any sector downturn given its highly competitive cost position that is underpinned by the significant economies of scale afforded by its world-scale vertically integrated facilities," it said.
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