Ratings On Four Saudi Banks Raised, Two Affirmed After Sovereign Upgrade; Outlooks Stable

On March 17, 2023, we raised our long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia to 'A/A-1' from 'A-/A-2'. The upgrade reflects the country's significant reform momentum, leading to structural improvements and supporting GDP growth prospects. This performance is expected to strengthen the sovereign's capacity to support systemic banks in case of need and we view Saudi Arabia as highly supportive of its banking system. We therefore raised our ratings on four Saudi banks and affirmed our ratings on two banks. DUBAI (S&P Global Ratings) March 29, 2023--S&P Global Ratings today raised its ratings on Al Rajhi Bank, Arab National Bank, Riyad Bank, and Banque Saudi Fransi. We also affirmed the ratings on Saudi National

...- On March 17, 2023, we raised our long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia to 'A/A-1' from 'A-/A-2'. - The upgrade reflects the country's significant reform momentum, leading to structural improvements and supporting GDP growth prospects. - This performance is expected to strengthen the sovereign's capacity to support systemic banks in case of need and we view Saudi Arabia as highly supportive of its banking system. - We therefore raised our ratings on four Saudi banks and affirmed our ratings on two banks. DUBAI (S&P Global Ratings) March 29, 2023--S&P Global Ratings today raised its ratings on Al Rajhi Bank, Arab National Bank, Riyad Bank, and Banque Saudi Fransi. We also affirmed the ratings on Saudi National Bank and the Saudi Investment Bank (see the ratings list for full details). The outlooks on all the banks are stable. The sovereign upgrade primarily reflects structural improvements that support GDP growth prospects. Saudi Arabia's...

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