S&P affirms Banque Saudi Fransi

S&P said it affirmed the BBB+ long-term and A-2 short-term issuer credit ratings on Banque Saudi Fransi.

The outlook is stable.

“Credit Agricole Corporate and Investment Bank has reduced its stake in Banque Saudi Fransi to 14.9% from 31.1%, and we understand it is considering a further reduction, so we now regard BSF's group status as nonstrategic rather than moderately strategic,” the agency said in a news release.

“However, the divestment doesn't affect our long-term rating on BSF because it benefits from an uplift for potential extraordinary government support, and we believe the partial divestment will not alter BSF's strategy and operations.”

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