Fitch Affirms Maaden's Rating, Outlook Amid Strait of Hormuz Disruption

08:23 AM EDT, 07/28/2026 (MT Newswires) -- Fitch on Monday affirmed the long-term issuer default rating of Saudi Arabian Mining Co. (SASE:1211), d/b/a Ma'aden, at BBB+, with a stable outlook. The rating agency noted that Ma'aden is exposed to shipping disruptions in the Strait of Hormuz, but the impact is mitigated by its diversification, alternative export routes, higher commodity prices, strong liquidity, and healthy balance sheet. Fitch outlined the mining company's large scale, diversification, strong cost advantage, reduced gross debt, and sovereign support from Saudi Arabia, which owns a majority stake in the company through the state-owned Public Investment Fund.