Riyadh-Mubasher: Dar Al Arkan Real Estate Development decided to withdraw its contract with Standard and Poor's (S&P), and kept other two with Moody's and RAM, the developer said in a bourse statement on Thursday.
In February, S&P affirmed its credit rating at “B+” on Dar Al Arkan, which implied its stable operational performance for the current year.
The company had announced several sukuk issues at intermittent periods since then, which required at least one rating from any of the international rating agencies.
