Riyadh - Mubasher: Arabian Centres Company (Cenomi Centers) announced that Fitch Ratings has revised its credit outlook to stable from negative.
The agency simultaneously affirmed the company’s long-term credit rating at "BB." The rating agency’s decision follows the successful refinancing of the company’s sukuk due in October 2026.
According to the company, the revised outlook reflects a strengthened financial structure, disciplined execution, and operational resilience.
Fitch cited Cenomi Centers' leading market position, high occupancy rates, and robust footfall growth as key drivers for the affirmation. The company’s portfolio benefits from a diverse tenant mix comprising local, regional, and international brands.
Management stated that the improved outlook supports its strategic path toward sustainable growth and aligns with the objectives of Saudi Vision 2030.
While current ratings are influenced by financial and development policies, Fitch expects further improvement as major projects, including Jawharat Riyadh and Jawharat Jeddah, reach full operational stabilization.
The favorable operating environment in Saudi Arabia is expected to continue supporting the company’s performance throughout the rating period.
On 30 June, the general assembly approved related-party transactions involving board members. The largest of these was a series of construction and development contracts with Lynx Contracting Company, valued at SAR 1.62 billion.
