-- In our view, Saudi Arabia-based property developer Dar Al Arkan Real
Estate Development Company (Dar Al Arkan) is facing heightened refinancing
risk because it has Saudi riyal (SAR) 4.4 billion in debt maturing in 2012.
-- We have therefore lowered our long-term issuer credit rating on Dar Al
Arkan to 'B+' from 'BB-' and placed the rating on CreditWatch with negative
implications.
-- The company is, in our opinion, sensitive to the timing of operating
cash inflows and to investor and creditor sentiment running up to the
refinancing.
-- The CreditWatch placement reflects our view of the short-term
refinancing risk the company is currently facing.
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