Ever more for Aramco trading: Saudi Aramco announced on 18 January that its Aramco Trading Company (ATC) arm had acquired United States-based Motiva Trading and launched a new subsidiary, Aramco Trading Americas (ATA). The latter will be the sole supplier and offtaker for Motiva Enterprises, which owns the 630,000 b/d Port Arthur refinery, the largest refinery in North America. Aramco had taken full control of the refinery in 2017, buying out its partner Royal Dutch Shell.
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GSN risk grades are intended to provide a broad guide to political and economic stability.
Political risk
Rated according to six grades, from A (most stable) to F (failed state).
Economic and financial risk
Graded from 1 (wealthiest/most sound financials) to 6 (bankrupt).
The grades are intended only to offer an immediate gauge of where risk stands in the regional pecking order. An A or 1 grade does not mean the polity is devoid of risk.
To provide a degree of nuance, risk grades also use trends arrows which go upwards (↑) or downwards (↓) to denote cases where momentum is positive or negative.
The grades do not change regularly: upgrades and downgrades are intended to reflect long-term trends or the impact of an exceptionally changed situation.
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