Saudi Aramco’s USD Sukuk Programme and Inaugural Issue Rated ‘A’ by Fitch Ratings  

Fitch Ratings (Fitch) has assigned a final rating of ‘A’ to Saudi Arabian Oil Company (Saudi Aramco)’s trust certificate issuance programme and its inaugural USD 6 billion Sukuk issuance, issued through the trustee - SA Global Sukuk. The ratings for the programme and instruments are consistent with Saudi Aramco's Long-Term Issuer Default Rating (IDR) and senior unsecured rating of ‘A’.

Rating Rationale

Fitch has given no weight to any underlying assets or collateral provided, believing that the trustee’s ability to satisfy payments due on the certificates is ultimately dependent on Saudi Aramco fulfilling its unsecured payment obligations to the trustee under the transaction documents described in the prospectus an...