Fitch rates Arabian Centres sukuk BB+

Fitch Ratings said it assigned Arabian Centres Co. Ltd.’s proposed $500 million sukuk trust certificates, to be sold through Arabian Centres Sukuk Ltd. an expected rating of BB+.

The expected rating is in line with the company’s expected long-term issuer default rating and senior unsecured rating of BB+, Fitch said.

The sukuk’s expected rating is driven by Arabian Centre’s IDR, because a default of these senior unsecured obligations would reflect a default of the company, said Fitch.

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