Saudi, Kuwaiti banks upgraded

10 February 2006

International rating agency Standard & Poor's (S&P) has raised the counterparty credit ratings of seven Kuwaiti and Saudi banks. S&P said the changes were prompted by a greater weighting in the rating of likely government support in the case of the banks facing difficulties.

Old ratingsNew ratingsAl-Ahli Bank of KuwaitBBB/stable/A2BBB+/stable/A2Al-Rajhi Banking & Investment CorporationA-/stable/A2A/stable/A1Commercial Bank of KuwaitBBB+/stable/A2A-/stable/A2Gulf BankBBB+/stable/A2A-/stable/A2National Commercial BankA-/stable/A2A/stable/A1Riyad BankA-/stable/A2A/stable/A1Samba Financial GroupA-/stable/A2A/stable/A1

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