S&P ups National Commerical Bank to A+

Standard & Poor's said it raised its long-term counterparty credit rating on The National Commercial Bank to A+ from A and affirmed its short-term counterparty rating at A-1.

The outlook is stable.

The upgrade reflects the bank's strengthened capitalization and resilient financial performance amid strong economic momentum in the Kingdom of Saudi Arabia (A+/stable/A-1).

The ratings reflect the bank's majority ownership by the Saudi government, leading commercial position and rapid improvement in both profitability and asset quality.

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