Moody's affirms Saudi Electricity, lowers BCA to 8

Moody's Investors Service said it affirmed the A1 issuer rating of Saudi Electricity Co. with a stable outlook.

At the same time, Moody's lowered Saudi Electricity's baseline credit assessment to 8, equivalent to Baa1, from 7 to reflect the anticipated weakening in financial metrics stemming from the company's substantial capex program.

Moody's said the affirmation reflects Moody's belief that the anticipated weakening in Saudi Electricity's financial profile will be offset by the significant ongoing support as well as the assumption of high exceptional support for Saudi Electricity from the government of the Kingdom of Saudi Arabia.

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