PARIS (Standard&Poor's) Jan. 29, 2007--Standard&Poor's Ratings Services said today that it raised its long-term counterparty credit rating on Saudi Arabia-based The National Commercial Bank (NCB) to 'A+' from 'A'. At the same time, the 'A-1' short-term counterparty rating was affirmed. The outlook is stable. The upgrade reflects the bank's strengthened capitalization and resilient, stellar financial performance amid strong economic momentum in the Kingdom of Saudi Arabia (A+/Stable/A-1). "The ratings on NCB reflect the bank's majority ownership by the Saudi government, leading commercial position, and rapid improvement in both profitability and asset quality," said Standard&Poor's credit analyst Anouar Hassoune. "Capitalization, one of the bank's main weaknesses in the past, is back to high levels." Concentration
