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.
Since November 2020, the international agency has emphasized that the new classification was driven by the result of the improvement of the company's independent credit record, against the background of the financial and regulatory reforms in the Saudi electricity sector, led by the Ministry of Energy and the participation of the relevant government agencies.
The company's independent credit rating shows its large revenues and strong market status in the Kingdom of Saudi Arabia, as well as its large revenues, transmission, and distribution of electric power.
Eng., the acting CEO of the Saudi Electricity Company, said he was for his part. On behalf of the company and all its employees, Khaled Al-Gnoon expressed thanks for the support of the electricity sector and the company in the Kingdom of Saudi Arabia and applauded for the follow-up and support of the Minister of Energy.