Moody's International has confirmed the credit ratings of 11 Saudi banks, while adjusting its outlook for 10 of these banks from (stable) to (negative). p>

The agency explained that changing the outlook to negative comes as a result of lower oil prices and the repercussions of the emerging Corona virus (Covid 19).

Moody's fixing of Saudi credit rating is due to the strength of the government budget thanks to the low levels of debt and liquidity stocks.

The agency expected Saudi oil revenues to decrease by about 33% this year and about 25% in 2021.