Moody’s assigns Ba2 rating to Arabian Centres’ dollar sukuk; Outlook stable

Moody’s assigned Ba1 rating to Arabian Centres

  
Image used for illustrative purpose. A woman shows U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018.

Image used for illustrative purpose. A woman shows U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018.

REUTERS/Marcos Brindicci

Riyadh –  Moody’s Investors Service has assigned Ba1 corporate family rating to Arabian Centres Company, according to a statement released on Friday.

The international rating agency assigned a Ba2 instrument rating to the benchmark sized unsecured trust certificates to be issued by Arabian Centres Sukuk Limited, with a stable outlook.

"Arabian Centres Ba1 rating reflects the company's leading market position and high-quality portfolio of shopping centres across Saudi Arabia that will benefit from the retail shift to shopping malls,” vice president senior analyst and local market analyst at Moody's, Dion Bate, said.

Today, Reuters reported that Arabian Centres hired global banks to arrange its dollar-dominated sharia-compliant sukuk.

Earlier in October, the company revealed its intention to issue dollar-dominated sharia-compliant sukuk.

Source: Mubasher

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