Leading domestic retail franchise and pure Islamic bank status. High systemic importance in Saudi Arabia. Very strong capital and profitability metrics. Low geographic diversification and potentially volatile conditions in the domestic oil-related economy. Structural maturity mismatches. The negative outlook on Saudi Arabia-based Al Rajhi Bank (ARB) mirrors Standard&Poor's Ratings Services' negative outlook on the sovereign ratings and indicates that we would lower the ratings on the bank over the upcoming 18-24 months if we were to downgrade Saudi Arabia, assuming other factors remain unchanged. In addition, we would lower the ratings if ARB's losses are significantly higher than peers' or if its capitalization were to decline. We would revise the outlook to stable if we took the same
