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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".
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Posted by Anne-Birte Stensgaard, Senior News Editor
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