Saudi Arabia’s purchase of ADES International reduces the risk that the company’s contracts be cancelled or renegotiated, Fitch Ratings has said.
Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.
Russia will be able to outlast Saudi Arabia if the pair fail to clinch a deal to cut production to prop up oil prices during OPEC+ talks on April 9.
Occidental Petroleum was downgraded to junk by Fitch Ratings as it struggles to combat a sharp decline in oil prices, making it the biggest fallen angel in this downgrade cycle.
Oil and gas majors who invest in the renewable energy sector "could benefit" from more stable cash flows, according to a credit rating agency.