Rating agencies have given oil giant Saudi Aramco high ratings ahead of its upcoming bonds sale, with Fitch Ratings saying the company had profits of $224 billion last year before taxes.
Fitch gave it an A+, its first ever such rating for Aramco.
Moody’s Investors Services gave it an A1 rating and says Aramco reported $355.9 billion in revenue and $111.1 billion in net income last year.
Moody’s also said Monday the firm had $48.8 billion of cash relative to $27 billion of reported debt at the end of 2018.
The agencies’ reports offer a rare glimpse into the state-owned oil firm’s finances ahead of Aramco’s plans to issue a multibillion-dollar bond after it purchased a 70 percent stake in Saudi petrochemical firm SABIC from the kingdom’s sovereign wealth fund.