Standard and Poor affirms Dar Alarkan’s B + rating, outlook revised to stable

Standard & Poor has affirmed Dar Alarkan’s B+ rating because of its steady operational performance and revised its outlook to stable from positive after the company’s slower than expected performance.

S&P said that Dar Alarkan’s  liquidity position was adequate  with ratio of cash sources to uses of over 1.2x for the next 12 months, the company said in a statement to the Saudi bourse, Tadawul.

The developer has recently announced the closing of the third tranches of its dollar-denominated sukuk, raising $400 million to fund its expansion projects, according to Argaam.

Its debts reached $ 1.2 billion, or 20 percent of the company’s assets excluding the recent  sukuk issue worth SAR 1.5 billion, Chairman Yousuf al-Shalash has told CNBC Arabiya recently.