Moody's rates Arabian Centres sukuk Ba2

Moody's Investors Service said it assigned a Ba2 rating to the contemplated sukuk issuance by Arabian Centres Sukuk II Ltd.

Simultaneously, Moody's upgraded Arabian Centres Sukuk Ltd.’s $500 million sukuk certificates due in 2024 to Ba2 from Ba3. Arabian Centres Co.’s corporate family rating remains unchanged at Ba2.

“The rating action follows the announcement that ACC will issue a benchmark size sukuk whose proceeds will be used to refinance a portion of the secured debt under its existing secured Murabaha and Ijara facilities, repay $200 million drawn under the revolving credit facility and keep the remaining cash on balance sheet to finance future capital spending,” Moody’s said in a press release.

The outlook is negative.

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