Fitch stabilizes Arabian Centres view

Fitch Ratings said it revised the outlook on Arabian Centres Co.'s long-term foreign-currency issuer default rating to stable from negative and affirmed its IDR at BB+. The agency also affirmed ACC's BB+ senior unsecured rating and the BB+ ratings on the sukuk trust certificates issued through Arabian Centres Sukuk Ltd. and Arabian Centres Sukuk II Ltd.

The outlook revision reflects the stabilization and improvement of ACC's operations, which are benefiting from Saudi Arabia's (KSA; A/positive) positive economic developments, with the country's GDP forecast to grow by more than 8% in 2022, driven by high oil prices and production. This, combined with the end of Covid-19 restrictions and higher vaccination rates, falling unemployment and increasing wage subsidies, is boosting consumer confidence and ACC's operational metrics,” Fitch said in a press release.

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