Published: Sep 03, 2014
Source: Tadawul

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Dar Al-Arkan announces that moody's has assigned its corporate credit rating at Ba3, with stable outlook

Dar Al-Arkan Real Estate Development Company (DAAR) announces that the International credit rating agency, Moodys has assigned DAARs Corporate Credit rating at Ba3, with stable outlook, which represents an improvement to Standard & Poors current rating for DAAR at (B+).

In a statement released on 2nd September 2014, Moodys announced that the rating for DAAR reflects the strength in the operating and business environment including supportive macro fundamentals in the Kingdom of Saudi Arabia with favourable demographics, large government social spending programmes and a housing deficit, DAAR has significant value in assets including growing recurring income assets portfolio and demonstrated a track record of following a more conservative financial policy including prefunding upcoming debt maturities.

The credit rating is an assessment of the credit worthiness of a business entity or a government. It worth noting that DAAR is rated with multiple credit rating agencies including the two international rating agencies Moodys and Standard & Poors. 

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