Alargan International Real Estate - ratings action

21/01/2012 16:06 AST

Capital Intelligence (CI), the international credit rating agency, announced that it has assigned an initial BBB- rating to the forthcoming KD26.5m unsecured bond issue by Alargan International Real Estate K.S.C.C. (Alargan). The Outlook on the rating is 'Stable'.

The rating is supported by Alargan's track record as a successful real estate developer even in difficult market environments, by the geographical diversification of its development portfolio and by its growing presence in the attractive KSA residential housing market.

Also supporting the rating are the Company's conservative financial ratios. Constraining the rating are the relatively small size of the company and the secured basis of much of its current base of borrowings.

Despite the secured debt-related constraint mentioned above (and the strong possibility of additional secured borrowings being taken in the future), the protections provided by the bond covenants and negative pledges are considered strong enough by CI that downward notching of the rating is not appropriate.


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