S&P acts on Saudi banks

S&P said it revised its outlooks for Arab National Bank and Riyad Bank to positive and affirmed their BBB+ ratings.

The agency considers the two banks systematically important to Saudi Arabia.

“These rating actions follow the outlook revision on the sovereign rating to positive from stable, which reflects our expectation that Saudi Arabia's improving GDP growth and fiscal trajectory will continue thanks to the country's emergence from the Covid-19 pandemic, ongoing structural reforms and improving oil sector dynamics,” S&P said in a press release.

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