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Saudi-Based Dar Al Arkan Rating Lowered To 'B+'; On CreditWatch Negative On Heightened Refinancing Risk Mar 12 Product Image

Saudi-Based Dar Al Arkan Rating Lowered To 'B+'; On CreditWatch Negative On Heightened Refinancing Risk Mar 12

  • ID: 2084871
  • March 2012
  • Standard & Poors

Abstract
In our view, Saudi Arabia-based property developer Dar Al Arkan Real Estate Development Company (Dar Al Arkan) is facing heightened refinancing risk because it has Saudi riyal (SAR) 4.4 billion in debt maturing in 2012. We have therefore lowered our long-term issuer credit rating on Dar Al Arkan to 'B+' from 'BB-' and placed the rating on CreditWatch with negative implications. The company is, in our opinion, sensitive to the timing of operating cash inflows and to investor and creditor sentiment running up to the refinancing. The CreditWatch placement reflects our view of the short-term refinancing risk the company is currently facing. DUBAI (Standard & Poor's) March 7, 2012--Standard & Poor's Ratings Services today lowered its long-term issuer credit rating...

Companies mentioned in this report are: Dar Al Arkan
Action: Downgraded
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Dar Al Arkan

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