Moody's: Saudi Basic outlook positive

Moody's Investors Service said it revised the outlook for Saudi Basic Industries Corp.'s A1 long-term foreign- and local-currency ratings to positive from stable.

The rating action follows Moody's upgrade of the Kingdom of Saudi Arabia's sovereign rating to A1 with a positive outlook on July 24.

Moody's said it regards the company as a government-related issuer and incorporates the assumption of high state support given the company's role in helping to diversify the economy and job creation by developing export-oriented non-oil businesses, the agency said.

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