Above-average funding and strong liquidity. Strong capitalization, supported by sound preprovision earnings capacity. High likelihood that the Saudi Arabian government would provide extraordinary support to the bank in the event of financial distress. Concentration risks in the lending book. Commercial lending operations that increasingly exhibit credit risks due to the fast expansion of its operations in Turkey. Resilient revenue generation, but expected outlying growth pattern overseas. The stable outlook on Saudi Arabia-based The National Commercial Bank (NCB) reflects Standard&Poor's Ratings Services' expectation that, all other things being equal, our risk-adjusted capital (RAC) ratio before adjustments for NCB will remain over 10%, and that the bank will contain its loans in Turkey below 18% of total loans. We could
