RIYADH – Fitch Ratings has affirmed Saudi Electricity Company's (SEC) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'AA-'. The Outlook on the Long-term IDR is Stable. Fitch has also affirmed SEC's Sukuk issues at 'AA-'. SEC's ratings are aligned with the Kingdom of Saudi Arabia ('AA-'/Stable), based on strong legal, operational, and strategic links, in accordance with Fitch's Parent and Subsidiary Rating Linkage methodology. SEC will spend approximately SR150 billion through 2015 on various segments of the electricity infrastructure in the Kingdom. Liquidity at SEC is adequate. At the end of Q312, SEC had approximately SR25.3 billion in total liquidity, including SR4.3 billion in cash. This compares with around SR1.5 billion of maturities due in 2013. In 2012, SEC successfully raised about SR6.6 billion in new sukuk to repay SR5billion of sukuk in March 2012 and fund continued expansion. — SG
