Revision follows improved outlook for sovereign rating RIYADH: Fitch Ratings, the leading global credit rating agency, has revised its Saudi Aramco outlook to stable from negative as oil prices improved this year and demand for the crude oil expected to continue increasing through 2022 with more vaccine roll out globally. Fitch also affirmed the company’s long-term issuer default rating (IDR) at A. The revision of the outlook on Saudi Aramco’s IDR is driven by a similar action on the sovereign, the rating agency said in a report on Tuesday. "We assess Saudi Aramco"s Standalone Credit Profile (SCP) at "aa+"," Fitch said. This review follows Fitch Ratings decision to raise Saudi Arabia"s sovereign outlook to stable from negative last week due to significantly higher oil prices and continued government commitment to improve its public finances. Fitch has upgraded Aramco"s credit rating because of improving oil prices, head of research at Riyadh-based Al-Rajhi Capital Mazen Al-Sudairi told Arab news. "Aramco is expected to generate approximately SR85 billion net profit in the second quarter and the total first half of this year could be 90 percent full-year 2020 earnings, which will further enhance its balance sheet and ratios," he said. Aramco"s financial profile benefits from strong pre-dividend free cash flow generation and recently increased but still conservative leverage, the ratings agency said.