Moody's upgrades Saudi banks

Moody's Investors Service said it upgraded the long-term foreign-currency deposit ratings of eight Saudi Arabian banks to A1 from A2 and affirmed their Prime-1 short-term ratings following an earlier upgrade of Saudi Arabia's foreign-currency bank deposit ceiling to A1/Prime-1, with a positive outlook.

The affected banks are National Commercial Bank, Samba Financial Group, Al Rajhi Bank, Riyad Bank, the Saudi British Bank, Banque Saudi Fransi, Arab National Bank and Saudi Hollandi Bank.

The outlook for the banks' A1 deposit ratings is stable, except for Samba Financial Group, Saudi British Bank and Banque Saudi Fransi, which have positive outlooks. The agency said the ratings of the first two banks remain constrained by the A1 country ceiling, while that of Banque Saudi Fransi is set at the country ceiling.

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