Fitch ups five Saudi banks

Fitch Ratings said it upgraded the long-term issuer default ratings of five Saudi banks.

This follows the upgrade of Saudi Arabia's long-term local and foreign currency issuer default ratings to AA- from A+ on July 9, with stable outlook, Fitch noted.

The sovereign upgrade has triggered multiple rating changes across the Saudi banks rated by Fitch, although only five banks benefit from issuer default rating upgrades according to the agency's rating methodology.

The agency said that the ratings affected are as follows:

National Commercial Bank's long-term foreign currency issuer default rating upgraded to A+ from A, outlook now stable; support rating floor upgraded to A+ from A; short-term foreign currency issuer default rating affirmed at F1; support affirmed at 1; and individual affirmed at B;

Samba Financial Group's long-term foreign currency issuer default rating upgraded to A+ from A, outlook now stable; support rating floor upgraded to A+ from A; short-term foreign currency issuer default rating affirmed at F1; support affirmed at 1; and individual affirmed at B;

Al Rajhi Banking and Investment Corp.'s long-term foreign currency issuer default rating upgraded to A+ from A, outlook now stable; support rating floor upgraded to A+ from A; short-term foreign currency issuer default rating affirmed at F1; support affirmed at 1 and individual affirmed at B/C;

Riyad Bank's long-term foreign currency issuer default rating upgraded to A+ from A, outlook now stable; support rating floor upgraded to A+ from A; short-term foreign currency issuer default rating affirmed at F1; support affirmed at 1 and individual affirmed at B;

Bank Aljazira's long-term foreign currency issuer default rating upgraded to A- from BBB+, outlook now stable; support rating floor upgraded to A- from BBB+; short-term foreign currency issuer default rating affirmed at F2; support upgraded to 1 from 2 and individual affirmed at C;

Arab National Bank's long-term foreign currency issuer default rating affirmed at A, outlook remains stable; short-term foreign currency issuer default rating affirmed at F1; support rating floor upgraded to A- from BBB+; support upgraded to 1 from 2; and individual affirmed at B;

Banque Saudi Fransi's long-term foreign currency issuer default rating affirmed at A, outlook remains stable; short-term foreign currency issuer default rating affirmed at F1; support rating floor upgraded to A- from BBB+; support upgraded to 1 from 2; and individual affirmed at B;

Saudi British Bank's long-term foreign currency issuer default rating affirmed at A, outlook remains stable; short-term foreign currency issuer default rating affirmed at F1; support rating floor upgraded to A- from BBB+; support upgraded to 1 from 2; and individual affirmed at B;

Saudi Hollandi Bank's long-term foreign currency issuer default rating affirmed at A-, outlook remains stable; short-term foreign currency issuer default rating affirmed at F2; support rating floor upgraded to A- from BBB+; support upgraded to 1 from 2; and individual affirmed at B/C; and

Saudi Investment Bank's long-term foreign currency issuer default rating affirmed at A-, outlook changed to stable from negative; short-term foreign currency issuer default rating affirmed at F2; support rating floor upgraded to A- from BBB+; support upgraded to 1 from 2; and individual affirmed at B/C.

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