RIYADH, 15 March 2006 — The long-term counter party credit rating of SABB has been raised from (A-) to (A) by Standard & Poor’s rating agency, according to John Coverdale, SABB managing director. “This upgrade reflects SABB’s strong position and ability to meet the bank’s international liabilities,” Coverdale said.
He added that the upgrade also reflects SABB”s ability to provide a full set of quality services aimed at meeting the requirements of its customers. In upgrading SABB’s credit rating, S&P, a leading international rating agency, stressed that the bank’s financial profile is strengthening partially due to the robust economic environment and the quality of SABB’s assets, which exceed those of most banks in the Middle East. It also reflects the technical knowhow provided by the HSBC Group. “SABB is expected to maintain its solid earnings stream and good market position,” S&P said.
