Fitch Solutions has upgraded the Saudi Electricity Company’s credit rating from A- to A with a stable outlook, an upgrade that matches the Kingdom of 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.
The effort in the reforms was led by the Ministry of Energy and the participation of the relevant government agencies, since November 2020.
The agency said 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 of Saudi Arabia.
For his part, Acting CEO of the Saudi Electricity Company, Khaled Al-Gnoon, on behalf of the company and all its employees, expressed thanks to 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.