Fitch Rating affirmed Santos (ASX:STO) with a long-term issuer default rating of "BBB" while maintaining a stable outlook, according to a Thursday filing with the Australian bourse.

The agency also affirmed the company's senior unsecured ratings and the ratings on its $1 billion bonds due 2031 and $850 million bonds due 2033, issued by Santos Finance and guaranteed by the company, at "BBB."

The affirmation highlights Santos' "solid" exposure to long-term domestic gas fixed-price contracts, which provide more revenue stability compared to peers, Fitch said.

In the same filing, Fitch flagged regulatory risks from recent Australian policies, including gas price caps and export controls, but deemed these "manageable."