Moody's Upgrades Saudi Electricity Company Credit Rating From A2 to A1 to match Saudi Arabia's Sovereign Rating

Moody's, the credit rating agency, announced yesterday that it upgraded the Saudi Electricity Company’s rating from A2 to A1, which is the same as the Kingdom of Saudi Arabia sovereign credit rating.
This credit rating upgrade comes as a positive result following the approval of comprehensive regulatory, structural and financial reforms for the electricity sector that was approved by the royal order, which was announced by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy and Chairman of the Board of Directors of the Electricity and Cogeneration Regulatory Authority.
The goal of these comprehensive reforms is to enhance the sustainability and efficiency of the Kingdom’s electricity sector, in line with goals set out in Saudi Vision 2030.