The reforms currently seen in the Saudi electricity sector reflected positively on Saudi Electricity Co. (SEC) leading to an upgrade of the utility provider’s credit rating, Saudi Press Agency reported, citing Chief Executive Officer Fahad Al-Sudairi.

 

This in turn will enhance the state-run utility's financial position and credit status, he added.

 

The top executive also indicated that these reforms will boost SEC's ability to finance its future projects and implement its strategy that aims to make the electricity sector more resilient, sustainable, reliable and efficient.

 

On Nov. 26, Moody's Investors Service upgraded SEC's ratings to A1 from A2 on account of increased government support, maintaining its outlook at negative, according to Argaam's available data.

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