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 negative outlook on Saudi Arabia-based Al Rajhi Bank (ARB) indicates that Standard&Poor's Ratings Services would lower the ratings on Al Rajhi over the upcoming 24 months if it downgraded Saudi Arabia, assuming other factors remain unchanged. In addition, we would lower the ratings if we perceived a deterioration of ARB's stand-alone creditworthiness, for instance as a result of pronounced weakening in ARB's capitalization even if our ratings on Saudi Arabia (AA-/Negative/A-1+) remain unchanged. This scenario, albeit remote, would be
