On Jan. 29, 2007, Standard&Poor's Ratings Services 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. Capitalization, one of the bank's main weaknesses in the past, is back to high levels. Concentration risks stemming from limited geographic diversification, together with a short track record of strong
