S&P lowers three Saudi banks to stable

Standard & Poor’s said it revised to stable from positive the outlooks on three Saudi Arabia-based banks, including Arab National Bank, Banque Saudi Fransi and Saudi British Bank.

The agency also said it affirmed the long- and short-term counterparty credit ratings on all three banks at A and A-1, respectively.

The outlook revision follows a similar action on the Kingdom of Saudi Arabia, S&P said.

The agency said it now sees limited room for an increase in potential sovereign support for the three banks.

These three banks are considered highly systemically important to Saudi Arabia, S&P said, but there is an expectation that the country’s real per capita GDP growth will be slower than previously anticipated, taking into account a downward adjustment of oil price assumptions.

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