Fitch ups Sabic

Fitch Ratings said it upgraded Saudi Basic Industries Corp.'s (Sabic) long-term issuer default rating to A+ from A and affirmed its short-term issuer default rating at F1.

The outlook on the long-term issuer default rating remains stable.

Simultaneously, Fitch said it has changed subsidiary Sabic Europe BV's outlook to stable from negative while its ratings are affirmed at long-term issuer default rating A, short-term issuer default rating F1 and senior unsecured A.

Fitch noted that the upgrade of Sabic's ratings reflects a re-examination of the company's relation to the Kingdom of Saudi Arabia and assumed government support for SABIC in line with the approach laid out in Fitch's criteria report 'Parent and Subsidiary rating Linkage, Fitch's Approach to rating Entities Within a Corporate Group Structure.'

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