Ratings of Saudi National Bank (previously National Commercial Bank ) Affirmed

Ratings of Saudi National Bank (previously National Commercial Bank ) Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the ratings of The National Commercial Bank (NCB ) , now renamed as The Saudi National Bank (SNB) . This action follows the completion of the merger between NCB and S amba Financial Group (Samba ) . SNB’s Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) have been affirmed at ‘A+’ and ‘A1 ’, respectively. The Outlook for the LT FCR is Negative. The Bank Standalone Rating (BSR) of ‘a-’ with a Stable Outlook , Core Financial Strength (CFS) rating of ‘a-’ and Extraordinary Support Level (ESL) of High are also affirmed .

In common with the other Saudi banks rated by CI, the Negative Outlook for SNB’s LT FCR mirrors the sovereign outlook. It also reflects a potential weakening of the capacity of…