Fitch Assigns Final Rating of A to Saudi Electric Company’s Green Sukuk

Saudi Electric Company (SEC)’s Green Sukuk certificates have been assigned a final rating of A- by Fitch Ratings (Fitch). The final ratings are applicable to SEC’s USD 650 million Sukuk due 2025, as well as SEC’s USD 650 million Sukuk due 2030. Fitch notes that the rating is in line with SEC’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating of A-. The final rating also remains the same as SEC’s expected rating assigned by Fitch on the 9th of September 2020.

According to SEC’s Green Sukuk Framework, the Sukuk issued via Saudi Electricity Global SUKUK Company 5 (the Issuer) will go towards financing and refinancing green projects related to the purchase and installatio...