Fitch Ratings said it upgraded the long-term issuer default ratings (IDR) of five Saudi banks. The National Commercial Bank, Al-Rajhi Banking and Investment Corp., Samba Financial Group and Riyad Bank's long-term foreign currency IDR was upgraded to ‘A+' from ‘A' with a stable outlook, and the support rating floor was raised to ‘A+' from ‘A', Fitch said. It said it raised Bank Aljazira's long-term foreign currency IDR to ‘A-' from ‘BBB', with a stable outlook and its support rating floor was raised to ‘A-' from ‘BBB+'. Apart from these banks, Fitch also raised the support rating floor of Arab National Bank, Banque Saudi Fransi, Saudi British Bank, Saudi Hollandi Bank and Saudi Investment Bank to to ‘A-' from ‘BBB+' The sovereign upgrade has triggered multiple rating changes across the Saudi banks.
