Moody's changes Dar Al Arkan view to stable

Moody's Investors Service said it changed Dar Al Arkan Real Estate Development Co.'s outlook to stable from positive. Moody's also affirmed the company's B1 corporate family rating, the B1-PD probability of default rating and the (P)B1 and B1 ratings for debt issued under the $2 billion trust certificate issuance program of Dar Al-Arkan Sukuk Co. Ltd.

"The change of outlook to stable from positive is due to DAAR's weaker than expected results in 2019 and our expectation that market conditions will remain challenging over the next 12 to 18 months," said Julien Haddad, a Moody's vice president, senior analyst and local market analyst for DAAR, in a press release. "The rating affirmation reflects the company's strong liquidity profile and its disciplined and conservative approach in managing its debt maturity profile."

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