Fitch Ratings: Saudi Electric Company’s Green Sukuk Assigned a Rating of A-(EXP)

Saudi Electric Company (SEC)’s Green Sukuk has been assigned a rating of A-(EXP) by Fitch Ratings (Fitch). This expected rating is in line with and mainly driven by SEC’s Senior Unsecured and Long-Term Issuer Default Rating (IDR) of A-. The Sukuk will be issued via Saudi Electricity Global SUKUK Company 5 (the Issuer).

Fitch states that a default on SEC’s senior unsecured obligations would reflect a default of SEC, as the Issuer’s ability to meet payments due on the Sukuk will depend on SEC adhering to its unsecured payment obligations to the Issuer, in accordance with terms and conditions laid out in the prospectus, as well as other supplementary documents pertaining to the Sukuk issuance.