The outlook remains stable, said a statement issued by the US credit rating agency.

The $814 million of 5.95 percent fixed rate amortizing senior secured bonds are due in December 2039.

The action came following the refinancing of project debt at Rabigh Arabian Water and Electricity Co. which has increased project level debt from SR2.8 million ($763 million) to SR5.2 million.

It also came after the sale of Shuqaiq Water and Electricity Co., which reduced the diversification of APMI One cash flows, the statement added.

APMI One’s senior secured rating of Ba1 reflects relatively stable and predictable revenue streams underpinned by long term availability-based offtake contracts.

The rating also shows the projects are using proven technologies from reputable suppliers and indicated diversification of cash flows from six separate projects and ACWA Power’s wholly owned operations and maintenance subsidiary NOMAC.