S&P places 'BB-' credit rating on Cenomi Centers $1.6B sukuk

S&P Global Ratings placed “BB-” rating on Arabian Centres Co. (Cenomi Centers) for two of its current sukuk issuances, totaling $1.585 billion. The ratings apply to the second sukuk (2026) and the third sukuk (2029).

The second sukuk, due in October 2026, is valued at $875 million, while the third, due in March 2029, is worth $710 million. The company confirmed that these sukuk meet the agency's evaluation criteria.

The ratings followed S&P’s assignment of a “BB-” rating with “Stable” outlook to the company in December, with expectations for EBITDA growth in 2025. Strong demand and developments in Riyadh were cited as factors supporting optimism.

The sukuk issuances are seen as a strategic financial step, drawing significant investor interest and positioning the company for sustainable growth.