Majority ownership by the Saudi government Leading commercial position Strong financial profile Rapid loan growth Exposure to market risk Limited but improving geographic diversification The ratings on Saudi Arabia-based The National Commercial Bank (NCB) reflect the bank's majority ownership by the Saudi government, leading commercial position, and strong financial profile stemming from its solid capitalization and ample liquidity. Partially offsetting these positive factors are the bank's rapid loan growth, exposure to market risk, and limited although improving geographic diversification. The long-term rating on NCB is two notches higher than the bank's stand-alone credit quality, reflecting Standard&Poor's Ratings Services' expectation of strong likelihood of government support if needed, given NCB's ownership structure and importance to the system. We therefore
