Press Release–Riyadh, Kingdom of Saudi Arabia, March 03, 2020: ACWA Power Investment & Management One Ltd. ("APMI One") as the issuer is pleased to announce that Fitch Ratings ("Fitch") has assigned the 814 MUSD 5.95% p.a. senior secured Bonds due 2039 ("ACWA 39") a ‘BBB-‘ rating with a ‘Stable’ outlook.
The Bond, issued in May 2017 by ACWA Power’s wholly owned DIFC-incorporated subsidiary, APMI1 One, is secured by cash flows and other security from a diversified cross-section of eight ACWA Power projects in Saudi Arabia as well as from NOMAC, ACWA Power’s wholly owned operations & maintenance company. Being strategically located in the western and eastern provinces of the Kingdom, each of these eight assets is critical to Saudi Arabia’s power and water infrastructure. At the time of its issuance, ACWA 39 was the largest and the first investment grade private sector dollar bond offering by a private sector KSA company.