Saudi banks’ foreign currency deposit ratings upgraded

Moody's Investors Service has upgraded the foreign currency deposit ratings of Samba Financial Group, Banque Saudi Fransi and Saudi British Bank to Aa3 from A1 (positive). The foreign currency deposit ratings of these three Saudi Arabian banks are now at the same level and no longer constrained by the country ceiling for such deposits. The outlook on all ratings is now stable.
This rating action follows the recent announcement by Moody's sovereign risk group that it has upgraded Saudi Arabia's ceiling for foreign currency bank deposits to Aa3 from A1. In the same rating action, the country's foreign and local currency government ratings were also upgraded to Aa3 from A1. All ratings carry a stable outlook.
The upgrade was prompted by the continued strong state of government finances, which have largely withstood oil price volatility and the global economic crisis.