trending Market Intelligence /marketintelligence/en/news-insights/trending/9663wklGAHNtOWVOS1QYYQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Moody's downgrades Tilal Development's ratings

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate CRE Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Moody's downgrades Tilal Development's ratings

Moody's downgraded the corporate family rating of Tilal Development Co. SAOC to B3 from B1, with a negative outlook.

The agency also lowered Tilal Sukuk Co. Ltd.'s senior secured sukuk rating to B3 from B1.

The downgrade reflects Tilal's weaker-than-expected operating performance, which resulted in low fixed-charge coverage ratio of 0.7x and a high net debt to EBITDA of 18.1x, as of June 30.

The rating agency said the company's EBITDA improvement was dependent on the successful completion of its phase 2 extension project, comprising an extension of the shopping mall and additional office space and apartments. But the occupancy rate of the shopping mall is 60%, due to sluggish market conditions and fierce competition as more retail space becomes available in Muscat, Oman.

Moody's estimates the fixed-charge coverage ratio to remain around 1.0x and Tilal's net debt to EBITDA will remain high at around 15.0x.

The agency expects a slight EBITDA increase in 2020 because of new additional rental income from the new leased office buildings.

Tilal's liquidity profile has slightly improved with excess cash of 7.2 million Omani rials because it recently refinanced its 29.3 million rials of secured Islamic project finance loans with a new 37 million rials of secured Islamic term loan.

The negative outlook reflects the company's tight liquidity profile and its ability to maintain sufficient cash balance to service interest expense in the next 18 months.

As of Oct. 18, US$1 was equivalent to 38.49 Omani baisa.