Product category:
Oil, Gas, Petrochemical Industry News
News Release from: SABIC
Edited by the Processingtalk Editorial
Team on 06 April 2007
Moody rates Sabic A1 and stable for long
term
Moody's has assigned a long term foreign and local currency rating 'A1' with a stable outlook to SABIC, citing their worldwide leading market position in petrochemicals, fertilisers and steel products
Moody's Investors Service has assigned a long term foreign and local currency rating 'A1' with a stable outlook to Saudi Basic Industries Corporation (Sabic) highlighting the Sabic worldwide leading market positions in petrochemicals, fertilizers and steel products Moody's believes that the Sabic rating reflects the strong global positions it has built over the past three decades in petrochemical (e.g ethylene, methanol, MTBE, ethylene glycol, polyolefins) and fertiliser markets
This article was originally published on Processingtalk on 18 Jul 2003 at 8.00am (UK)
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Sabic enjoys a highly competitive cost position reflecting the significant economies of scale afforded by its world-scale vertically integrated facilities, ready access to feedstock, and proximity to strategic end markets.
Moody's also acknowledges that the acquisition of the DSM integrated petrochemicals business in 2002, complemented by the recent purchase of the Huntsman UK-based commodity chemicals activities, has helped enhance the geographic diversity of the Sabic asset base, though the majority of its production capacity is still located in Saudi Arabia.
Notably, Sabic benefits from its proximity to the fast growing Asian markets while it is able to serve its Europe-based customers through its wholly-owned subsidiary Sabic Europe (both with Saudi Arabia originated products and Sabic Europe based production).
Moody's highlights the Sabic instrumental role in supporting the diversification of Saudi Arabia's economy and job creation within the country through the development of the industrial sector.
Sabic is amongst the highest rated global chemical companies, according to Moody's.
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