Fitch assigns Saudi Electricity Company Sukuk 'AA-(EXP)' expected rating
Fitch Ratings has assigned Saudi Electricity Company's (SEC) upcoming international Sukuk issue a 'AA-(EXP)' expected rating. The rating is in line with SEC's 'AA-' Long-term Issuer Default Rating (IDR) and senior unsecured rating and SEC's 2012, 2010, 2009 and 2007 Sukuks' ratings. The Sukuk will be issued on an unsecured and unsubordinated basis. Among other aspects, the Sukuk benefits from a negative pledge and a cross default clause. Proceeds of the issuance will be used for general corporate purposes.
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