Moody's, Fitch assign Aramco's commercial paper program short-term ratings

Credit rating agencies Moody's and Fitch assigned short-term ratings to Saudi Aramco's $10 billion commercial paper program.

Moody's assigned a Prime-1 short-term rating to Aramco, along with the same rating for the company’s commercial paper program. It also reaffirmed Aramco's long-term rating at Aa3 with a stable outlook.

Fitch assigned a short-term rating of F1+ to Aramco's commercial papers, consistent with the company’s issuer short-term default rating of F1+.

Moody's highlighted Aramco's outstanding liquidity, noting that its cash balance and operating cash flows significantly exceed its debt maturities, investment commitments, and dividend payouts over the next 12–18 months.

Fitch emphasized Aramco's robust financial position, supported by strong free cash flow generation before dividend payments and conservative financial policies.

The company’s solid business profile is further reinforced by large-scale production, extensive reserves, low production costs, and ongoing expansion into downstream and petrochemical sectors.