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: November 25, 2014
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
date:Posted: November 25, 2014
BAHRAIN. The "increasingly deregulated and competitive economic environment is facilitating rapid growth in business development within the private sector."
date:Posted: November 25, 2014
INTERNATIONAL. Participants in the global oil market are eagerly awaiting the Opec meeting on November 27, which could potentially set the tone and the direction of oil prices.
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
dhgate