Saudi Dar Al Arka ratings unchanged following US$450 million sukuk issue
Source: BI-ME , Author: BI-ME staff
Posted: Tue February 23, 2010 10:37 am

SAUDI ARABIA. Standard & Poor's Ratings Services said today that its long-term corporate credit rating on Saudi homebuilder Dar Al Arkan (DAAR; BB-/Stable/--) remained unchanged following the company's issue of its US$450 million sukuk notes.

We believe this issue removes short-term refinancing risks, which is positive, but we note that the rating already incorporated successful refinancing of DAAR's March 2010 debt maturity.

 Our 'BB-' issue rating on the sukuk notes also remains unchanged following our review of final documentation, S&P said.
 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 2, 2014
UAE. "If the GCC is to maintain long-term sustainable growth, it will be very important to invest in education, increase productivity, and attract more foreign direct investment into high value industries, and step up more diverse export industries that are not dependent on commodities."
date:Posted: October 1, 2014
UAE. The UAE took part last week in U.S.-led airstrikes against Islamic State; Gulf Arabs regard Islamist groups as an existential challenge to their thriving economies and monarchies.
date:Posted: October 1, 2014
INTERNATIONAL. The Constitutional Court will keep challenging EU attempts at federalization and the Bundesbank will keep criticizing every measure that would reduce German sovereignty.
UAE. "If the GCC is to maintain long-term sustainable growth, it will be very important to invest in education, increase productivity, and attract more foreign direct investment into high value industries, and step up more diverse export industries that are not dependent on commodities."
dhgate