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: On CreditWatch:Negative
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