Standards & poor’s affirms its B+ credit rating with a positive outlook

Dar Al-Arkan Real-Estate Development Company ("DAAR") announces that the International credit rating agency, Standard & Poor's ("S&P"), has today revised DAAR's Credit rating outlook to Positive from Stable and affirmed it at B+ following a recent review of DAARs performance. 
S&P explained in their media release that the revision in DAARs outlook to Positive was a result of DAAR's operating performance, which is proving to be resilient and stable from favorable market conditions and an attractive property portfolio. 
Also S&P's review highlighted that DAAR's strategic plan will focus on diversifying its income stream between recurring income assets and property developments. This, together with DAAR's proven quality of its property portfolio was demonstrated by DAAR's ability to monetize its land developments at high margins and generate liquidity when required, especially over the past two years. DAAR was also successful in the timely repayment of its SAR3.75 billion (US$1 billion) Sukuk on maturity, which resulted in the reduction of its overall debt and in the strengthening of its balance sheet position.