We have lowered our sovereign credit ratings on the Kingdom of Saudi Arabia to 'A-/Stable/A-2' from 'A+/Negative/A-1'. We are consequently lowering the ratings on Al Rajhi Bank to 'A-/A-2' from 'A/A-1'. The long-term rating on the bank now reflects its stand-alone credit profile and no longer incorporates uplift for extraordinary government support. The negative CreditWatch on the long-term rating reflects our view of a potential increase in economic risk in Saudi Arabia, as well as heightened pressure on the bank's capitalization. On Feb. 22, 2016, Standard&Poor's Ratings Services lowered its counterparty credit ratings on Saudi Arabia-based Al Rajhi Bank (ARB) to 'A-/A-2' from 'A/A-1'. The long-term rating was put on CreditWatch with negative implications. The downgrade rating action
