Moody's cuts Dar Al-Arkan

Moody's Investors Service said it downgraded the ratings for Dar Al-Arkan Real Estate Development Co., Saudi Joint Stock Co., Dar Al-Arkan International Sukuk Co. II and the $450 million certificates to Ba3 from Ba2.

The outlook is stable.

The downgrade is in response to Saudi Joint's weaker than anticipated operating performance and financial metrics, and the negative free cash flows it generated over the first nine months of 2010, the agency said. However, the company's short-term liquidity profile is adequate and cash sources are sufficient to cover committed cash outflows.

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