S&P downgrades slew of Saudi banks | The National

S&P downgrades slew of Saudi banks | The National:

"The ratings agency Standard & Poor’s has downgraded a slew of Saudi Arabian banks, following its cut to the kingdom’s credit rating earlier in the week.

The National Commercial Bank, Al Rajhi Bank, Samba Financial Group, The Saudi Investment Bank and Riyad Bank have all had their ratings cut as the low oil price threatens to hurt the health of banks’ balance sheets, the credit agency said.

These banks, plus Banque Saudi Fransi, Arab National Bank and the Saudi British Bank, were also placed on negative outlook, which means that the agency will consider whether to further downgrade their credit ratings within the next 24 months."



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