Moody’s trims Tilal Development

Moody’s Investors Service said it downgraded the corporate family rating of Tilal Development Co. SAOC to Caa2 from B3.

Concurrently, Moody’s downgraded the senior secured sukuk rating of Tilal Sukuk Co. Ltd. to Caa2 from B3.

“The downgrade to Caa2 reflects Moody’s view that Tilal’s liquidity profile is weak and there is a growing risk that the company will not be able to service debt in the next few quarters. Tilal is likely to face pressure on its rental income because tenants’ rent affordability will reduce as a result of the lock-down measures introduced by the authorities in Muscat aimed at reducing the spread of coronavirus,” the agency said in a press release.

The outlook remains negative.

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