Sukuk industry wants a piece of the world’s most profitable company

By now the world has heard of the most profitable “corporate Empire” and its successful bond issuance. Aramco is in a league of its own when we compare its financial metrics with supermajor oil companies (Saudi Aramco made a net profit last year of $111 billion, more than five times that of Exxon Mobil Corporation (rated AAA)). Aramco's balance-sheet carries all the characteristics of AAA rated firms but the actual rating is A1:

"Saudi Aramco has many characteristics of a Aaa-rated corporate, with minimal debt relative to cash flows, large scale of production, market leadership and access in Saudi Arabia to one of the world's largest hydrocarbon reserves. These features position it favourably against the strongest oil and gas companies that Moody's rates.The final rating is howeve...