Middle East Economic Survey

VOL. XLVIII

No 48

28-November-2005

REGIONAL

High Oil Prices Underpin Strong Upstream Ratings But Challenges Loom For 2006

Recent high oil prices and the positive price outlook for 2006 have translated into a supportive environment for credit ratings of major oil companies, according to Standard & Poors (S&P). In fact, the resurgence of profitability in the global refining business has been responsible for several of the ratings upgrades seen in the last year. But...