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Dar Al Arkan keeps its credit rating

by CW Staff on Feb 23, 2010

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Dar Al Arkan's Shams Riyadh project is set to begin work.

Standard & Poor's Ratings Services has maintained its long-term corporate credit rating on Saudi homebuilder Dar Al Arkan following the company's issue of its $450 million sukuk notes.

According a statement from S&P, "We believe this issue removes short-term refinancing risks, which is positive, but we note that the rating already incorporated successful refinancing of [Dar's] March 2010 debt maturity. Our 'BB-' issue rating on the sukuk notes also remains unchanged following our review of final documentation."

In March, Dar Al Arkan is due to repay $586.7 million of an Islamic bond. The developer recently raised $450 million though a new sukuk priced at 10.75%.

Last week, the developer said it had awarded SR 1 billion worth of contracts on its Shams Riyadh project. The names of the winning contractors and information on the scope of the contracts was not disclosed.

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