Cenomi Centers assigned LT rating of A- by Tassnief

Logo of Arabian Centres Co. (Cenomi Centers) 

Arabian Centres Co. (Cenomi Centers) was assigned a long-term national scale entity rating of “A-” and short-term entity rating of “T-3” by SIMAH Rating Agency (Tassnief). The ratings reflect high creditworthiness and low credit risk.

The ratings reflect high creditworthiness and low credit risk. The risk profile may exhibit variation due to changes in economic and sector conditions, Cenomi Centers said in a statement to Tadawul.

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The assigned ratings incorporate Cenomi Centers leading market position, satisfactory business diversity, and strong operating performance supported by high occupancies and footfall growth as well as a sound tenant mix comprising renowned local, regional and international brands.

They also reflect a favorable operating environment, which is expected to support operating performance over the rating horizon. Ratings are constrained by aggressive financial and development policies, although improvement in the same is expected when Jawharat Riyadh and Jawharat Jeddah are at full stabilization, the statement concluded.