S&P: Saudi Electric view now negative

S&P said it revised its outlook on Saudi Electric Co. to negative from stable.

At the same time, S&P affirmed its A- long-term corporate credit rating on the company and its A- issue rating on the company’s senior unsecured debt.

S&P said it also affirmed the A- issue ratings on the sukuk issued by SEC's three financing vehicles: Saudi Electricity Global Sukuk Co., Saudi Electricity Global Sukuk Co. 2 and Saudi Electricity Global Sukuk Co. 3.

The outlook revision follows SEC's announcement that SoftBank Vision Fund has signed a nonbinding memorandum of understanding with the Public Investment Fund to evaluate acquiring a significant equity stake in Saudi Electric.

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