IslamicFinance.de

Financial services company Saad has been ordered to pay around $668 million to Citicorp Trustee Company and Golden Belt Sukuk Company. Saad's obligations are tied to sukuk bond and linked to the leasing of land in Saudi Arabia. The judgment was handed down Friday in London's High Court, where Judge Peter Macdonald Eggers ordered Saad to honour its obligations.

Saudi-based Ahmad Hamad Algosaibi & Bros Co (AHAB) said it was about to start talks with creditors, after a newspaper reported it and Saad Group are seeking to restructure USD 10 bn in debt.

Business Intelligence Middle East reported on 9 April that Standard & Poors revisied Saad Group outlookto 'stable' on improved capital structure. At the same time, the 'BBB+' long-term corporate credit ratings were affirmed.

Standard & Poor's credit analyst is Mohammed Fayek.

The potential for a rating upgrade is constrained by leverage and the potential for volatility in portfolio value. A sustained weakening of equity markets or a more aggressive growth strategy and subsequently higher leverage for the group could have negative implications for the rating.

Saad issued a Sukuk.

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=19032