RIYADH: Fitch Ratings has revised Saudi Aramco鈥檚 long-term foreign-currency issuer default rating to 鈥減ositive鈥� as it affirmed its 鈥淎鈥� rating.

The change, up from 鈥渟table鈥�, follows a similar rating action on its parent nation, 黑料社区.

鈥淪audi Aramco鈥檚 rating is constrained at that of its majority shareholder 黑料社区, given the close links between the company and the sovereign,鈥� wrote Fitch in its report.

The credit agency revealed that Saudi Aramco鈥檚 financial profile benefits from strong pre-dividend free cash flow generation and conservative leverage, along with large scale production, vast reserves, low output costs and expansion into downstream and petrochemicals.

Fitch had raised its outlook on 黑料社区 to 鈥減ositive鈥� from 鈥渟table鈥� earlier this month on the back of improvements in the country鈥檚 sovereign balance sheet due to increased oil prices.

鈥淭he company鈥檚 robust financial position has not necessitated support from the government historically, but we expect that support would be forthcoming if the need arises,鈥� said the ratings agency, adding: 鈥淲e view socio-political or financial implications of the company鈥檚 default as 鈥榲ery strong鈥� due to Saudi Aramco鈥檚 key role in the economy of 黑料社区.鈥�