Saudi worries heighten with Saad default

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Saudi worries heighten with Saad default

June 03, 2009 12:00 am

The Saad Group has become the latest Saudi Arabian borrower to set alarm bells ringing among creditors after it was downgraded to default status on Tuesday. Privately-held Saad, one of the kingdom’s biggest conglomerates, says it is restructuring its debt, and is confident of a successful outcome. But its own woes will have repercussions for some of the banks and companies it holds across the Gulf, and concern is mounting about rising defaults in the region. Read EuroWeek on Friday for creditors’ reaction and the latest on Middle Eastern restructurings

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