Leading domestic retail franchise. High systemic importance in Saudi Arabia. Very strong capital and profitability metrics. Low geographic diversification and potentially volatile conditions in the domestic oil-related economy. Structural maturity mismatches. Risk concentration in the corporate loan book. The stable outlook on Saudi Arabia-based Al Rajhi Bank reflects Standard&Poor's Ratings Services' expectation that the bank will preserve its very strong capital position and unchallenged domestic market position in retail banking over the next two years. We would raise the ratings on Al Rajhi Bank if we were to reassess its stand-alone credit profile (SACP) at 'a+' and raise the ratings on the Kingdom of Saudi Arabia (AA-/Positive/A-1+). An upgrade of the bank, although unlikely at this stage, would
