Fitch affirms Saudi Basic

Fitch Ratings said it affirmed Saudi Basic Industries Corp.'s long-term issuer default rating at A+, senior unsecured rating at A+ and short-term issuer default rating at F1.

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

The senior unsecured rating on Sabic Capital I BV's guaranteed bonds has also been affirmed at A+, the agency noted.

The affirmation encompasses a re-examination of the one-notch uplift previously incorporated in Sabic's A+ rating for assumed support from its controlling shareholder, the Kingdom of Saudi Arabia (AA-/stable), the agency said.

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