Moody's gives Baa3 to Tabreed notes

Moody's Investors Service said it assigned a Baa3 instrument rating to the proposed benchmark-size senior unsecured notes to be issued by National Central Cooling Co. PJSC (Tabreed).

At the same time, Moody's affirmed the company's Baa3 long-term issuer rating and Baa3 rating on the outstanding senior unsecured sukuk certificates issued by Tabreed Sukuk SPC Ltd.

The outlook remains stable.

“The affirmation of the issuer rating reflects Moody's estimates that Tabreed's Retained Cash Flow (RCF)-to-Net Debt ratio (after Moody's adjustments) will remain close to 10% until 2022 pro forma for the proposed acquisitions,” Moody’s said in a news release.

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