Fitch: Outlook on five Saudi Banks positive

Fitch Ratings said it changed the outlook on the long-term issuer default ratings of five Saudi banks to positive from stable. This follows the change in the outlook of the Kingdom of Saudi Arabia to positive from stable. All of the banks' other ratings were affirmed.

The five banks are Al Rajhi Banking and Investment Corp, Bank Aljazira, the National Commercial Bank, Riyad Bank and Samba Financial Group.

Except for Bank Aljazira, all the banks were affirmed at issuer default ratings of long-term foreign-currency A and short-term foreign-currency F1, and support 1. Aljazira was affirmed at long-term foreign-currency BBB+, short-term foreign-currency F2 and support 2.

Riyad, Samba Financial and National Commerce all were affirmed at individual B. Al Rajhi was affirmed at individual B/C, and Aljazira was affirmed at individual C.

Fitch said the issuer default ratings will be upgraded if the sovereign ratings are upgraded.

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