Fitch upgrades five Saudi banks

This follows the upgrade of Saudi Arabia's Long-term local and foreign currency Issuer Default ratings (IDRs) to 'AA-' (AA minus) from 'A+' on 9 July 2008, with Stable Outlook.

The sovereign upgrade has triggered multiple rating changes across the Saudi banks rated by Fitch, although only five banks benefit from IDR upgrades according to the agency's rating methodology.

These are The National Commercial Bank, Al Rajhi Banking and Investment Corp, Samba Financial Group, Riyad Bank, and Bank Aljazira, which were all previously on Positive Outlook, in line with the sovereign's.

For other banks, the Support Rating Floors and Support Ratings have been upgraded but with no impact on the IDRs.

The ratings affected are as follows:

The National Commercial Bank:

Long-term foreign currency IDR upgraded to 'A+' from 'A'; Outlook now Stable.

Support Rating Floor upgraded to 'A+' from 'A'

Short-term foreign currency IDR affirmed at 'F1'

Support affirmed at '1'

Individual affirmed at 'B'

Samba Financial Group:

Long-term foreign currency IDR upgraded to 'A+' from 'A'; Outlook now Stable.

Support Rating Floor upgraded to 'A+' from 'A'

Short-term foreign currency IDR affirmed at 'F1'

Support affirmed at '1'

Individual affirmed at 'B'

Al Rajhi Banking and Investment Corp:

Long-term foreign currency IDR upgraded to 'A+' from 'A'; Outlook now Stable.

Support Rating Floor upgraded to 'A+' from 'A'

Short-term foreign currency IDR affirmed at 'F1'

Support affirmed at '1'

Individual affirmed at 'B/C'

Riyad Bank:

Long-term foreign currency IDR upgraded to 'A+' from 'A'; Outlook now Stable.

Support Rating Floor upgraded to 'A+' from 'A'

Short-term foreign currency IDR affirmed at 'F1'

Support affirmed at '1'

Individual affirmed at 'B'

Bank Aljazira:

Long-term foreign currency IDR upgraded to 'A-' (A minus) from 'BBB+'; Outlook now Stable.

Support Rating Floor upgraded to 'A-' (A minus) from 'BBB+'

Short-term foreign currency IDR affirmed at 'F2'

Support upgraded to '1' from '2'

Individual affirmed at 'C'

Arab National Bank:

Long-term foreign currency IDR affirmed at 'A'; Outlook remains Stable

Short-term foreign currency IDR affirmed at 'F1'

Support Rating Floor upgraded to 'A-' (A minus) from 'BBB+'

Support upgraded to '1' from '2'

Individual affirmed at 'B'

Banque Saudi Fransi:

Long-term foreign currency IDR affirmed at 'A'; Outlook remains Stable

Short-term foreign currency IDR affirmed at 'F1'

Support Rating Floor upgraded to 'A-' (A minus) from 'BBB+'

Support upgraded to '1' from 2

Individual affirmed at 'B'

Saudi British Bank:

Long-term foreign currency IDR affirmed at 'A'; Outlook remains Stable

Short-term foreign currency IDR affirmed at 'F1'

Support Rating Floor upgraded to 'A-' (A minus) from 'BBB+'

Support upgraded to '1' from 2

Individual affirmed at 'B'

Saudi Hollandi Bank:

Long-term foreign currency IDR affirmed at 'A-' (A minus); Outlook remains Stable

Short-term foreign currency IDR affirmed at 'F2'

Support Rating Floor upgraded to 'A-' (A minus) from 'BBB+'

Support upgraded to '1' from '2'

Individual affirmed at 'B/C'

Saudi Investment Bank:

Long-term foreign currency IDR affirmed at 'A-' (A minus); Outlook changed to Stable from Negative

Short-term foreign currency IDR affirmed at 'F2'

Support Rating Floor upgraded to 'A-' (A minus) from 'BBB+'

Support upgraded to '1' from '2'

Individual affirmed at 'B/C'