A full list of ratings is provided below.

The upgrade is driven by an upward revision of SEC's Standalone Credit Profile (SCP) to 'bbb' from 'bbb-', while maintaining the company's support score under our Government-Related Entities (GREs) Rating Criteria at 35. As a result, the Kingdom of Saudi Arabia's (KSA; A/Stable) Long-Term IDR is now three notches above SEC's SCP, resulting in rating equalisation under our GRE Criteria.

The SCP of SEC reflects its scale in revenue and power generation capacity, its dominant market position in the power-generation sector, and its monopoly in its transmission and distribution. We expect the company to maintain a solid financial profile in the next four years, despite forecast negative free cash flow (FCF) due to higher capex and dividends.



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