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Moody’s rates Arabian Centres sukuk Ba2
Moody’s Investors Service said it assigned a Ba2 rating to Arabian Centres Co.’s proposed benchmark-sized unsecured trust certificates to be sold by Arabian Centres Sukuk Ltd., a Cayman Islands special purpose vehicle.
Moody’s also assigned a first-time rating of Ba1 to Arabian Centres.
“Arabian Centres Ba1 rating reflects the company’s leading market position and high quality portfolio of shopping centers across Saudi Arabia that will benefit from the retail shift to shopping malls. This is balanced by the elevated lease renewal risk given the high proportion of tenant leases expiring over the next two years as well as sizable leasehold properties that have medium to long term lease maturities,” said Dion Bate, a Moody’s vice president, senior analyst and local market analyst, in a press release.
The outlook is stable.
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