Fitch lowers nine Saudi banks

Fitch Ratings said it downgraded the long-term issuer default ratings of nine Saudi Arabian banks.

The affected banks are Al Rajhi Bank, National Commercial Bank, Riyad Bank, Samba Financial Group, Arab National Bank, Alawwal Bank, Saudi Investment Bank, Alinma Bank and Bank Aljazira.

The actions follow the downgrade of the Saudi Arabian sovereign rating, Fitch said.

The issuer default ratings of Banque Saudi Fransi and Saudi British Bank, as well as the viability ratings of all banks, are unaffected by the sovereign rating action, the agency explained.

The outlook on the long-term issuer default ratings of all nine banks also was revised back to stable from negative.

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