S&P trims Dar Al Arkan Real Estate view

Standard & Poor’s said it revised its outlook on Dar Al Arkan Real Estate Development Co. to negative from stable and affirmed its B+ long-term corporate credit rating.

At the same time, S&P affirmed its B+ senior unsecured debt rating on sukuk issued by DAAR due February 2015.

DAAR made large opportunistic land purchases totaling Saudi riyal 1.2 billion in the fourth quarter of 2014. These transactions resulted in materially higher net debt than the level S&P said it previously anticipated.

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