DHAHRAN, Sept 19: Standard and Poor and Fitch Ratings have assigned corporate credit ratings to the Saudi petrochemical giant SABIC, as it moves ahead to invest an additional $70 billion over the next 15 years. Standard & Poor has also rated Sabic as the globe’s largest polymer producer.

Highlighting SABIC’s worldwide leading market positions in base and commodity petrochemicals, fertilizers and steel products, the rating would give a boost to Sabic’s standing in the financial world and would enhance its financial credentials as it seeks to grow through both new plants and further global acquisitions, financial analysts here believe.

The outlook of these two rating services companies reflect on SABIC’s leading global position, increasing profitability during the past five years, and its sound financial position in honouring its long and short-term financial obligations.