RIYADH: Amid a challenging global financial environment, global credit ratings agency Moody’s on Wednesday affirmed the long-term deposit ratings on 10 banks in Saudi Arabia and the senior unsecured and subordinated debt ratings of their affiliated entities.
Moody’s changed the outlook on the long-term deposit and senior unsecured debt ratings (where applicable) to positive from stable on nine banks while the long-term deposit rating outlook for one bank remained stable.
“The outlook on the long-term deposit and senior unsecured debt ratings (where applicable) was changed to positive from stable for Saudi National Bank, Riyad Bank, Saudi British Bank, Banque Saudi Fransi, Arab National Bank, Bank AlBilad, the Saudi Investment Bank, Bank AlJazira and Gulf International Bank — Saudi Arabia,” the report said.
The ratings agency said the outlook for Al Rajhi Bank on the long-term deposit rating remains stable.
The rating action was primarily driven by Moody’s affirmation of the A1 Saudi government issuer rating and change in outlook to positive from stable.