“Moody's” has revised the outlook for the banking system in Saudi Arabia from "stable" to "positive", while the agency has maintained a stable outlook for the banking systems in the UAE, Bahrain, Oman, Qatar, and Kuwait.
According to “Moody's”, high oil prices and the kingdom's reform plan boost economic growth, business confidence, and government spending.
The agency said it upgraded the rating of eight Saudi banks to "A-" from "BBB+". The upgrade included Riyad Bank, Alawwal Bank SABB, Banque Saudi Fransi, Arab National Bank, Alinma Bank, Saudi Investment Bank, Bank AlJazira, and Gulf International Bank - Saudi Arabia.
Source (Al-Arabiya.net Website, Edited)
