Fitch Affirms Arabian Centre’s Long-Term IDR at ‘BB+’; Revises Outlook to Negative

Fitch Ratings (Fitch) has affirmed the Long-Term Issuer Default Rating (IDR) of Saudi Arabia-based real estate company, Arabian Centres Company (ACC) at ‘BB+’, while revising the Outlook to Negative from Stable. In addition, Fitch has assigned ACC a National Long-Term Rating of ‘A-(sau)’ with a Stable Outlook, and a Long-Term Local Currency IDR of ‘BB+’ with a Negative Outlook.

Fitch has also affirmed the ‘BB+’ unsecured rating and ‘BB+’ rating of Sukuk trust certificates issued through Arabian Centres Sukuk Limited. According to the IslamicMarkets Sukuk Monitor, ACC issued USD 500 million worth of Sukuk trust certificates in November 2019, at a profit rate of 5.375%, which is set to mature in November 2024.

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