Moody’s affirms ratings of nine Saudi Banks and changes outlook to stable

Tue, 2021-11-09 19:31

Limassol: Moody’s Investors Service today affirmed the long-term deposit ratings of the nine banks it rates in Saudi Arabia, as well as the senior unsecured and subordinated debt ratings of their affiliated entities, where applicable, it said in a statement.

At the same time, the rating agency changed the outlook on the long-term deposit and senior unsecured debt ratings to stable from negative.

The affected institutions are Saudi National Bank, Al Rajhi Bank, Riyad Bank, Banque Saudi Fransi, Arab National Bank, Bank AlBilad, The Saudi Investment Bank, Bank Al-Jazira and Gulf International Bank — Saudi Arabia.

Separately, the agency has also announced the affirmation of the Saudi Real Estate Refinance Company (SRC) A2 issuer ratings and revised its outlook to stable from negative.

The decision comes days after Saudi Arabia’s government A1 rating affirmation and its outlook change to stable from negative.

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