Saudi National Bank – Ratings Affirmed ; LT FCR Outlook Remains Positive
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Ref: SA 00 7 2 2 CRA00- 01 14 June 20 2 3
Saudi National Bank – Ratings Affirmed ; LT FCR Outlook Remains Positive
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long -Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Saudi National Bank ( SN B) at ‘A+’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed SNB ’s Bank Standalone Rating (BSR) of ‘a-’, Core Financial Strength (CFS) rating of ‘a-’ and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR remains Positive. The BSR remains on a Stable Outlook.
In January 2023, CI raised the LT FCR Outlook of SNB to Positive from Stable. The Positive outlook mirrored a similar action on Saudi Arabia’s sovereign ratings (‘A+’/‘A1’/Positive) in December 2022.
The Bank’s LT FCR is set two notches above the BSR to reflect the high…