Fitch assigns SEC sukuk 'AA-'

Fitch Ratings has assigned Saudi Electricity Company's SR7 billion (Dh6.8bn) sukuk issue a final 'AA-' rating.

The structure for the sukuk is similar to SEC's 2007 SR5bn sukuk, which is also rated 'AA-'. The transaction involves the transfer by SEC of sukuk assets to a custodian, Sukuk Electricity Company, a wholly-owned subsidiary of SEC.

The sukuk assets comprise of rights to provide service connections and the entitlement to levy and receive a one-time charge for each connection.