Moody's affirms three Saudi GRIs

Moody's Investors Service said it affirmed the ratings of its government-related issuers in the Kingdom of Saudi Arabia, following the upgrade of the country's sovereign ratings to Aa3 with stable outlook. Ratings affected include the A1 issuer ratings of Saudi Electricity Co., the A1 issuer ratings of Saudi Basic Industries Corp. and the A1 issuer ratings of Saudi Telecom Co.

The outlooks of all three entities were revised to stable from positive.

Moody's said its implicit government support that is factored into Saudi Electricity and Saudi Basic Industries is high, with medium support factored into Saudi Telecom's ratings.

The agency said it has made moderate downward adjustments to the companies' initial support assumptions, thus maintaining their ratings at their current levels rather than upgrading them in line with the sovereign ratings.

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