Fitch cuts Saudi Electricity, sukuk to A

Fitch Ratings said it downgraded Saudi Electricity Co.’s long-term issuer default rating and senior unsecured rating to A from A+.

The outlook is stable.

The agency also downgraded Saudi Electricity’s outstanding sukuk issues, including issues for Saudi Electricity Global Sukuk Co., Saudi Electricity Global Sukuk Co. 2 and Saudi Electricity Global Sukuk Co. 3, to A from A+.

Fitch said the downgrade follows the recent downgrade of the Kingdom of Saudi Arabia (A+/stable) and reflects the agency’s top-down rating approach with a one-notch differential between the company and the sovereign ratings to reflect their continued strong links.

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