Fitch Ratings downgraded Saudi oil giant Aramco by one notch to A, days after it downgraded the kingdom and kept its outlook stable.
The downgrade comes after last month's attacks on two production facilities belonging to the national oil giant, resulting in a brief halt of more than half of the company's oil production.
Fitch said in a statement issued today that the downgrade took into account the growing geopolitical tensions in the region, and the continuing budget deficit in the country.
Fitch estimated that the attack on Aramco's facilities would have a very limited impact on Saudi Aramco's operating and financial performance in 2019, and the agency believes the company has proven to be able to deal effectively with emergencies.
At the end of September, Fitch downgraded Saudi Arabia from A + to A with a stable outlook.
The Saudi Ministry of Finance then questioned Fitch's announcement of a downgrade of the kingdom's credit rating.