S&P raises long-term credit rating of Saudi National Bank

S&P raises long-term credit rating of Saudi National Bank

S&P Global Ratings raised the long-term issuer credit rating of National Commercial Bank, which last week became Saudi National Bank following its merger with smaller rival Samba Financial Group.

NCB's 'A-' rating and stable outlook reflects on the strength of the merged SNB entity, which received a GCC regional scale rating of 'gcAAA', S&P said in statement on Sunday. It withdrew its rating on Samba after its assets and liabilities were transferred to SNB.

“With a 30 per cent market share built on well-established franchises, SNB now enjoys a prime market position, strong capitalisation and a well-balanced risk profile,” S&P said.

“The stable outlook