The ratings on Saudi Arabia-based The National Commercial Bank (NCB) reflect the bank's majority ownership by the Saudi government, leading commercial position, and strong financial profile stemming from its solid capitalization and ample liquidity. Partially offsetting these positive factors are the bank's recent rapid loan growth--mainly in the corporate sector--declining but still significant exposure to market risk, and very limited geographic diversification. The long-term rating on NCB is two notches higher than the bank's stand-alone credit profile, reflecting Standard&Poor's Ratings Services' expectation of the strong likelihood of government support if needed, given NCB's ownership structure and importance to the Saudi Arabian banking system. We therefore classify the bank as a government-related entity (GRE). We consider the Kingdom of
