NICOSIA, 12 October 2005 — Moody’s Investors Service is expected to upgrade the long-term foreign currency deposit ratings of ten Saudi Arabian banks, reflecting the Kingdom’s improving economic and financial situation, the rating agency said yesterday. The foreign currency deposit rating of the ten banks had been set at the previous country ceiling of Baa2 based on the banks’ fundamental strengths and on the strong likelihood of support from the Saudi Arabian authorities should the need arise, Moody’s said. The agency said the likelihood of all Saudi banks following a country ceiling upgrade is “very high”. Moody’s has also upgraded the long- and short-term foreign currency deposit ratings of five banks in Oman — BankMuscat, National Bank of Oman, Oman International Bank, Oman Arab Bank and Alliance Housing Bank following a recent upgrade of Oman’s country ceiling for bonds and bank deposits.