S&P affirms Saudi Electric

S&P said it affirmed its A- long-term issuer credit rating on Saudi Electric Co.

The outlook is negative.

S&P also affirmed its A- issue ratings on the sukuk issued by SEC's three financing vehicles: Saudi Electricity Global Sukuk Co., Saudi Electricity Global Sukuk Co. 2 and Saudi Electricity Global Sukuk Co. 3.

“The negative outlook on SEC reflects a one-in-three chance of a downgrade in the next 12-24 months. We base this on our view that broad structural changes to the utilities sector in Saudi Arabia could lower the likelihood of extraordinary government support to SEC in times of financial distress,” S&P said in a news release.

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