Moody’s acts on three Saudi GRIs

Moody's Investors Service said it: (a) Confirmed the A1 ratings on Saudi Basic Industries Corp. and assigned a stable outlook; (b) downgraded the ratings on Saudi Electricity Co. to A2 from A1 and assigned a stable outlook; and (c) downgraded the ratings on Saudi Telecom Co. to A2 from A1 and assigned a stable outlook.

These actions conclude the review for downgrade initiated on March 8.

The actions follow the May 14 downgrade of Saudi Arabia's government issuer rating to A1 from Aa3 and the assignment of a stable outlook.

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