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Saudi Electricity Company gets Fitch credit rating upgrade

RIYADH, January 24, 2022

Saudi Electricity Company (SEC) has announced that it has got a credit rating upgrade from top ratings agency Fitch with a stable outlook.
 
The upgrade from A- to A matches Saudi Arabia's sovereign credit rating.
 
The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent credit record, against the background of activating the financial and regulatory reforms in the Saudi electricity sector led by the Ministry of Energy and the participation of the relevant government agencies, since November 2020.
 
Fitch also pointed out that the company's independent credit rating reflects its large revenues and strong market status in the electricity generation, transmission, and distribution of electric power in the kingdom.
 
On the key ratings upgrade, Acting CEO Engineer Khaled Al Gnoon said this was mainly beacuse of the contribution of all its employees.
 
He also thanked the wise leadership for the support received by the electricity sector and the company in Saudi Arabia, praising the follow-up and support of the Minister of Energy.



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