Saudi National Bank’s Ratings Affirmed
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Summary
Ref: SA 00 721 CRA00- 01 16 June 20 2 2
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 . At the same time, CI Ratings has affirmed SNB ’s B ank S tandalone R ating (BSR) of ‘ a- ’ , C ore Financial Strength (CFS) rating of ‘ a- ’ , and E xtraordinary Support Level (ES L ) of High . The Outlook for the LT FCR and BSR remains Stable.
SNB was formed from the merger of National Commercial (NCB) and Samba Financial Group (Samba) on 1 April 2021. NCB was the sur viving entity (absorbing Samba) and renamed Saudi National Bank. The Bank’s LT FCR is set two notches above the BSR to reflect the high likelihood of timely and appropriate extraordinary support…