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ATM & BranchesStandard & Poor’s Revises Outlook of SABB from ‘Stable’ to ‘Positive’
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Standards & Poor’s ratings Services announced revised its outlook of SABB from ‘stable’ to ‘positive’. The prestigious credit rating agency affirmed the long-term and short-term counterparty credit rating at ‘A/A-1’.
The outlook revision follows a similar action on the Kingdom of Saudi Arabia, Standard & Poor’s revised the outlook to ‘positive’. The positive outlook reflects the systemic importance of SABB in Saudi Arabia, the stand-alone credit profile, as well as the high governmental support offered to the banking sector by the Saudi government.
Commenting to the announcement, Abdullah Aloraini, Head of Accounting, Asset & Liability Management and Investor Relations, said “We are pleased to learn of S&P’s outlook revision. The continued hard work and financial discipline at SABB resulted in earning such an optimistic view. We are determined to continue the strong performance and commitment shown to enhance our already very good position within the Saudi financial services sector.”
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, P.O. Box 9084 Riyadh 11413, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to theCouncil of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.