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SAUDI ARABIA: MOODY'S ASSIGNS A1 / POSITIVE RATING TO SAUDI ELECTRICITY COMPANY.
IPR Strategic Business Information Database, December, 2007
Moody's Investors Service has assigned long term local and foreign currency issuer ratings of A1 to Saudi Electricity Company (SEC), the dominant vertically integrated utility in the Kingdom of Saudi Arabia. The outlook is positive. This is the first time that Moody'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 for SEC. "The expectation of increasing financial leverage as the company executes its investment plan and some medium-term regulatory uncertainty constrain ratings", Lotter adds. SEC's A1 ratings reflect the strength of its pre-eminent domestic market position...
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