Saudi National Bank’s Ratings Affirmed
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Ref: SA 007 20 CRA00- 01 21 September 20 2 1
Saudi National Bank’s Ratings Affirmed
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 (SNB) at ‘A+’ and ‘A1’, respectively. The Outlook for the LT FCR is Negative, reflecting a similar outlook on Saudi Arabia’s sovereign ratings . At the same time, CI Ratings has affirmed SNB’s Bank Standalone Rating ( BSR ) of ‘a-’, with a Stable Outlook, a Core Financial Strength ( CFS ) rating of ‘a-’ and an Extraordinary Support Level ( ESL ) of High.
SNB was formed from the merger of National Commercial (NCB) and Samba Financial Group (Samba) on 1 April 2021. NCB was the surviving entity (absorbing Samba), and renamed Saudi National Bank. The Bank’s LT FCR is set two notches above the BSR to…