Fitch gives Saudi Electricity sukuk A

Fitch Ratings said it assigned Saudi Electricity Co.'s sukuk certificates issued through Saudi Electricity Global Sukuk Co. 4 an expected rating of A.

The expected rating is in line with the company’s long-term issuer default rating and senior unsecured rating of A, the agency said.

Fitch said the sukuk rating is driven solely by Saudi Electricity’s issuer default rating, as a default of the senior unsecured obligations would reflect a default of the company.

The agency said it views the links between Saudi Electricity and Saudi Arabia (A+/stable) as strong under government-related entities rating criteria, and the assessment leads to the rating of Saudi Electricity being notched down once from Saudi Arabia.

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