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Fitch changes Saudi banks to negative
Fitch Ratings said it revised the outlooks on Al Rajhi Bank, National Commercial Bank, Riyad Bank and Samba Financial Group to negative from stable.
The actions follow the revision of the outlook on the Saudi Arabian sovereign.
Fitch said the revisions reflect that the banks’ long-term issuer default ratings are at the support rating floor for Saudi domestic systemically important banks (D-SIB) of A+. This would be revised down to A in the event of a one-notch downgrade of the Saudi sovereign.
The other Saudi banks' long-term issuer default ratings are not at the D-SIB support rating floor of A+, although the agency said it believes there is extremely high likelihood of support for all Saudi banks, and therefore would not be downgraded if the sovereign was downgraded by one notch.
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