Moody’s upgrades outlook on Aramco, PIF, SABIC, stc, SPPC, Saudi Electricity to ‘Positive’

23/03/2023 Argaam
Logo of Moody’s

Logo of Moody’s


Moody's Investors Services upgraded its outlook from “Stable” to “Positive” on six Saudi heavy-weight corporates, namely Saudi Aramco, Public Investment Fund (PIF), Saudi Basic Industries Corp. (SABIC), Saudi Power Procurement Co. (SPPC), stc and Saudi Electricity Co. (SEC).

 

This came after Moody's affirmed Saudi Arabia’s sovereign rating at “A1”, lifting the Kingdom’s outlook to “Positive” from “Stable” on March 17.

 

The credit rating agency said today’s decision came as a direct result of the Kingdom's “A1” sovereign rating, given that there are credit links between the Saudi government and each of the aforementioned six entities.

 

Although these businesses benefit — to varying degrees — from an array of international assets and cash flows, they have fundamental credit links with the government and are directly exposed to the local ecosystem.

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