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MOODY'S ASSIGNS A1 / POSITIVE RATING TO SAUDI ELECTRICITY COMPANY
Info-Prod Research (Middle East), December, 2007
Moody's Investors Service has assigned longterm local and foreign currency issuer ratings of A1 to Saudi ElectricityCompany (SEC), the dominant vertically integrated utility in the Kingdomof Saudi Arabia. The outlook is positive. This is the first time thatMoody's has assigned ratings to SEC. "SEC's ratings are supported by the company's dominant position in the largest electricity market in the Gulf region", says Philipp Lotter,Dubai/DIFC based Senior Credit Officer at Moody's and lead analyst forSEC.
"The expectation of increasing financial leverage as the companyexecutes its investment plan and some medium-term regulatory uncertaintyconstrain ratings", Lotter adds. SEC's A1 ratings reflect the strength of its pre- eminent domestic marketposition as integrated and monopoly...
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