Fitch rates Saudi Electricity sukuk AA-

Fitch Ratings said it assigned Saudi Electricity Co.'s 7 billion in Saudi riyal sukuk issue with maturity on May 10, 2030 a final AA- rating. This follows the receipt of final documents.

The rating is in line with the company's long-term issuer default and senior unsecured AA- ratings. The structure for the sukuk is similar to that of the company's 2009 7 billion in riyal and 2007 5 billion in riyal sukuks, which also are rated AA-.

Among other aspects, the sukuk benefits from a negative pledge and a cross default clause, Fitch said.

Sukuk holders are protected against the negative impact on earnings of the possible entry of new competitors into the market as a result of the government's plans to restructure the sector, the agency said.

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