Moody's affirms ratings of 9 Saudi banks, upgrades outlook to Stable

Riyadh City

Moody’s affirmed its credit rating for nine Saudi banks, and upgraded its outlook on their long-term deposit ratings to Stable from Negative.

Moody's said in a report that its decision to affirm the credit ratings of Saudi banks reflects the resilience in their financial performance, despite continuing pressure from the pandemic. It added that the banks have managed to maintain strong asset quality and capital buffers and their liquidity buffers remain solid.

It also said that upgrading the banks’ outlook to Stable from Negative reflects the resilience in the Kingdom's operating environment and the expectation that the government support for banks remains intact.

The following table shows the credit rating of Saudi banks, according to Moody's: