Moody’s rates Saudi Electricity sukuk A2

Moody’s Investors Service said it assigned an A2 rating to the proposed senior unsecured green sukuk certificates to be issued by Saudi Electricity Global Sukuk Co. 5, a special purpose vehicle established by the Saudi Electricity Co.

The certificates carry the same rating as Saudi Electricity, and in the agency’s view, holders will be exposed to the company’s senior unsecured credit risk, Moody’s said.

Saudi Electricity will use the proceeds to finance green projects relating to energy efficiency and renewable energy, such as smart meters and transmission and distribution infrastructure connecting renewable energy sources to the grid.

The outlook is negative.

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