Dar Al Arkan Announces that Moody's credit rating agency has upgraded its outlook to stable from negative while confirmed its corporate credit rating at B1 following a recent review of DAAR's performance.
Moody's explained in their media release dated 27/3/2016 that upgrading DAAR's outlook to stable from negative reflects the fact that despite the challenging and uncertain conditions seen in 2016, DAAR has continued to demonstrate its financial flexibility to generate free cash flows in order to meet its debt obligations.
Moody's stated that the company's operating environment will stabilize in 2017 and the government of Saudi Arabia's initiatives to support the non-oil sector will be supportive to the development of the real estate sector.
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