Fitch boosts Saudi banks

Fitch Ratings said it upgraded the issuer ratings for several Saudi banks and their sukuk issuers to A- from BBB+.

The upgrades follow Fitch’s upgrade of Saudi Arabia’s sovereign rating on April 5 to A+ and reflect the view of a greater probability of government support if the issuers need it, the agency said.

The issuers are ANB Sukuk Ltd., Arab National Bank, Gulf International Bank BSC, Al Rajhi Sukuk Ltd., Riyad Sukuk Ltd., Banque Saudi Fransi and Saudi National Bank.

The outlooks are stable.

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