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RIYADH: Chemical companies in the Gulf Cooperation Council, particularly Saudi Arabia, are outperforming their European rivals due to low prices for feedstock, long-term security of supply, and solid customer and shareholder bases, S&P Global said in a report. It said the Kingdom dominates the GCC chemicals output, with companies based in Saudi Arabia accounting for 75 percent
RIYADH: Fitch Ratings has revised Saudi Basic Industries Corporation’s long-term foreign-currency issuer default rating, IDR, to positive from stable and affirmed its A rating, following similar rating action on its majority parent Saudi Aramco. “SABIC’s rating is aligned with that of its parent Saudi Aramco, reflecting the strength of the ties between the two companies in
RIYADH: Shares in Saudi giants Aramco and Saudi Basic Industries Corp. advanced on Tuesday after credit rating agency Fitch upgraded its outlook for both firms. Chemical firm SABIC’s stock gained 1 percent to SR122 ($33) as of 11:00 a.m. Saudi time, and it's parent Aramco edged 0.12 percent higher to SR43, implying a market cap of SR8.6 trillion. Fitch Ratings had revised the