Dar Al-Arkan rating downgraded to B1, with negative outlook by Moody’s
Dar Al-Arkan Real-Estate Development Company (DAAR) announced that Moody’s had downgraded its corporate credit rating from BA3 to B1 and its outlook from stable to negative. The downgrade was more country-view-driven, according to the company’s release, rather than company-driven. Moody’s stated that the company’s liquidity position was adequate, covering its needs over the coming 12 months. (Tadawul)
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