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Bond Market News
Arabian Centres Downgraded to B+ by S&P
June 4, 2025
Arabian Centres, also known as Cenomi Centers, was downgraded to B+ from BB- by S&P. Arabian Centres reported a 7.5% increase in receivables due from related parties in 1Q2025. An initial payment plan for Alhokair Fashion Retail (Cenomi Retail), accounting for 15% of Gross Leasable Area (GSA), has been delayed from Q1 to Q3. S&P believes that loss of Dhahran Mall and the delayed start in the operations of Jawharat Riyad Mall would keep the company leverage at elevated levels of 9.5 to 10x over 2025-26. Arabian Centres’ $875mn sukuk due in October 2026 would become short term debt in 4Q2025, adding scrutiny over its liquidity assessment. Hence, S&P notes that refinancing the sukuk would be imperative.
Arabian Centers’ 5.625% 2026 dollar sukuk was trading slightly weaker at 93.83, yielding 10.68%.
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