Moody's assigns Ba3 rating to Dar Al Arkan, stable outlook

Moody's Investors Service assigned a Ba3 corporate family rating (CFR) and Ba3-PD probability of default rating (PDR) to Dar Al-Arkan with a stable outlook, a filing to Tadawul said.

Moody’s said the rating reflects the strength of Dar Al-Arkan’s operating and business environment including supportive macro fundamentals in Saudi Arabia with favorable demographics, large government social spending programs and a housing deficit.

The rating also reflects the company’s significant value of assets with its land bank held at a book value of SAR 15 billion and investment properties at SAR 3.6 billion, Moody’s added.