Riyadh – Mubasher: ACWA Power Investment and Management One Ltd. (APMI One) announced that Fitch Ratings has assigned a BBB- rating to its $814 million 5.95% senior secured bond, with a stable outlook.

The bond, issued in May 2017 by ACWA Power’s wholly-owned DIFC-incorporated subsidiary APMI One, is due in 2039.

The bond issuance is secured by cash flows and other security from a diversified portfolio of eight projects in Saudi Arabia, as well as from NOMAC, ACWA Power’s wholly-owned operations and maintenance company, according to a company statement on Tuesday.

“Fitch’s IG rating reaffirms the robust structure and the debt-service quality of APMI One’s diversified portfolio,” said Rajit Nanda, Chief Investment Officer at ACWA Power.

Meanwhile, Chief Financial Officer at ACWA Power, Kashif Rana, noted that “APMI One has maintained a stellar financial performance since the 2017 issuance, consistently outperforming the 2017 base case on an overall portfolio basis.”