Saudi faces risk of negative credit rating due to Aramco attacks
Economy News - Baghdad
Moody's credit rating agency said on Monday that drone attacks on Saudi oil facilities over the weekend would have a negative impact on the credit rating and that production disruption was "significant", adding that it expected a limited long-term impact.
"We do not expect this to have a long-term impact on Saudi Aramco's financial position, given its strong balance sheet and strong reserves," said Rehan Akbar, vice president of Moody's.
"Nevertheless, this event highlighted the fiduciary ties between the company and the Kingdom in terms of geographic focus and, most importantly, exposure to geopolitical risks."
Saudi Arabia has a long-term rating of Moody's at A1.