S&P raises SABB's credit rating to (A)

Standard & Poor's Rating Agency, a leading international rating agency, has raised SABB's long term counter party credit ratings from (A-) to (A). This upgrade reflects the bank's strong position and ability to meet its international financial liabilities.

The Agency stressed that the upgrade of SABB's rating reflects the bank's strengthening financial profile partly driven by the very robust economic environment and the quality of SABB's assets. S&P said this rating is based on the strong financial performance and the quality of assets, which exceed those of most Middle Eastern banks; it also reflects the technical support provided by the HSBC Group. "SABB is expected to maintain its solid earnings stream and good market position", said S&P.

John Coverdale, SABB Managing Director said

"The rating emphasises the solid financial position of SABB in the market; it also reflects the bank's ability to provide a full set of quality services aimed at meeting the requirements of its customers."

He added that the rating would further reinforce SABB's slogan "Local Vision... International Expertise".