Moody's assigns A2 rating to Saudi Electricity's sukuk issuance

Moody's Investors Service has assigned an A2 rating to the proposed senior unsecured sukuk certificates to be issued by Saudi Electricity Global Sukuk Company, a special purpose vehicle established in the Cayman Islands by Saudi Electricity Company (SEC), said a statement, adding that the outlook on the rating is stable.

“We view SEC as a government-related issuer that benefits from credit linkages with the government of Saudi Arabia,” the statement added.

“The stable outlook reflects our expectation that there will be no material adverse changes in the framework SEC currently operates under and that future initiatives will adequately adjust the company's capital structure to prevent imbalances,” it said.