Fitch Ratings has upgraded Saudi Electricity Company's (SEC) Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'A+' from 'A', and removed the ratings from Under Criteria Observation (UCO). The National Long-Term Rating was also upgraded to 'AAA(sau)' from 'AA+(sau)'.
The agency also said in its reports that all the outlooks are Stable.
The upgrade follows a reassessment of SEC's links with the Saudi Arabian government under Fitch's recently updated Government-Related Entities (GRE) Rating Criteria.
SEC's ratings are now equalized with those of Saudi Arabia (KSA, A+/Stable), as the new support score assumes 'Virtually Certain' support from the state, based on GRE Criteria definitions.
