Moody's rates Banque Saudi Fransi notes Aa3

Moody's Investors Service said it assigned ratings to the $2 billion euro medium-term note program of Banque Saudi Fransi. Senior unsecured and subordinated notes issued under this program would be rated at Aa3 and A1, respectively. Moody's also said it expects to assign an Aa3 rating to the bank's first $650 million senior unsecured drawdown under the program.

The outlook is stable.

The rating for senior unsecured notes is set at the same level as the local-currency deposit rating for the bank, Moody's said.

The ratings also reflect the high probability of systemic support for the bank in the event of need, the agency said.

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