Moody's ups 10 Saudi Arabian banks

Moody's Investors Service has placed on review for possible upgrade the Baa2 long-term foreign currency deposit rating for 10 Saudi Arabian banks.

The ratings of National Commercial Bank, Samba Financial Group, Al Rajhi Banking and Investment Corp., Riyad Bank, Saudi British Bank, Banque Saudi Fransi, Arab National Bank, Saudi Hollandi Bank, Saudi Investment Bank, Bank Al Jazira were upgraded to Baa2 with foreign currency deposit rating placed on review for possible upgrade, Samba Financial Group to Baa2 with foreign currency deposit rating placed on review for possible upgrade, Al Rajhi Banking and Investment Corp. to Baa2 with foreign currency deposit rating placed on review for possible upgrade, Moody's said.

This action follows an earlier similar rating action on Saudi Arabia's foreign currency bank deposit ceiling (Baa2) to reflect the improvements in the country's economic and financial situation, Moody's said.

The Prime-2 short-term deposit ratings and financial strength ratings of the banks are not affected by this rating action, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.