We consider that Al Rajhi Bank's strong market position in the Saudi retail market, superior profitability, growth strategy with solid capital ratios, and improved risk management have strengthened the bank's financial profile. We are raising our long-term rating on Al Rajhi Bank to 'A+' from 'A' and affirming our 'A-1' short-term rating. The stable outlook reflects our view that Al Rajhi Bank should continue to benefit from its comparative advantage as a leading and well-entrenched Islamic bank in Saudi Arabia and maintain superior financial performance and capital adequacy. On May 31, 2010, Standard&Poor's Ratings Services raised to 'A+' from 'A' its long-term counterparty credit rating on Saudi Arabia-based Al Rajhi Bank (ARB) and affirmed its 'A-1' short-term counterparty
