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Moody’s ups Saudi Electricity
Moody’s Investors Service said it upgraded Saudi Electricity Co. to A1 from A2 on a revised assumption of government support to very high from high.
“This assumption leads to the alignment of SEC's issuer rating with Saudi Arabia's sovereign rating. The action is underpinned by a proposed new regulatory framework set to be implemented on Jan. 1, 2021. The new framework will offer a more transparent and predictable compensation mechanism for SEC than is currently the case,” Moody’s said in a press release.
The agency also upgraded the backed senior unsecured ratings of Saudi Electricity Global Sukuk Co. 1, Saudi Electricity Global Sukuk Co. 2, Saudi Electricity Global Sukuk Co. 3, Saudi Electricity Global Sukuk Co. 4 and Saudi Electricity Global Sukuk Co. 5 to A1 from A2.
The outlook is negative, which reflects the negative outlook on Saudi Arabia, Moody’s said.
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