Moody's Investors Service has confirmed the long-term deposit ratings for the nine banks rated by the agency in Saudi Arabia, as well as the primary non-asset-backed debt ratings and subordinated debt ratings for entities their affiliates, where applicable.
According to an agency report copied by Namazone, Moody's has confirmed the nine banks' baseline credit ratings, revised baseline credit ratings, counterparty risk ratings, and counterparty risk ratings. .
Meanwhile, the agency changed the outlook for the long-term depository ratings and the core non-asset-backed debt ratings from (negative) to (stable).
Banks affected by this classification are: Al Ahli Saudi, Al Rajhi, Riyad Bank, Saudi Fransi, Arab National, Bank Albilad, The Saudi Investment, Bank Al Jazira, and Gulf International Bank - Saudi Arabia.
This rating is mainly supported by the strong performance of banks and the expectation that the ability of the Saudi government to support the Kingdom's banks, which results in raising the ratings of banks' deposits from the basic credit assessment (BCA). ) by several degrees, it will not change as Moody's indicated by confirming the issuer's rating of the Kingdom of Saudi Arabia in the category (A1) and changing the outlook from (negative) to (stable) on November 5, 2021.
The agency's decision to confirm the ratings of the nine banks that it rates in the Kingdom of Saudi Arabia reflects the strength of their financial performance, despite the ongoing pressures caused by the Corona pandemic, as the banks maintained their quality Strong assets and strong capital reserves, and liquidity reserves remained abundant.
