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Wednesday, 15 March 2017

Moody’s upgrades outlook of Saudi Arabian banks to stable | The National

Moody’s upgrades outlook of Saudi Arabian banks to stable | The National:

"Moody’s has upgraded the outlook for Saudi Arabia’s banking industry to stable from negative on expectations of a pickup in non-oil economic growth and an improvement in the levels of cash available for lending following a spate of sovereign bond sales. Shares in the sector rallied after the rating agency released the report on Wednesday morning. "Despite low oil prices, which we expect to fluctuate between US$40 and $60 a barrel over the next 18 months, and cuts in oil production, the Saudi economy will gradually recover, supported by government spending," said Olivier Panis, a vice-president at Moody’s."



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