S&P lowers Saudi Electric to stable

Standard & Poor’s said it revised the outlook on Saudi Electric Co. to stable from positive.

The agency also said it affirmed the company’s AA- long-term corporate credit rating.

The actions on Saudi Electric follow similar actions on the Kingdom of Saudi Arabia, S&P said.

The ratings continue to reflect a view that there is an almost certain likelihood that the Saudi Arabian government would provide timely and sufficient extraordinary support to the company in the event of financial distress, the agency said.

The ratings also consider an expectations that ongoing support from the government will continue, S&P added.

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