Standard & Poor's Ratings Services said on Monday that it has raised to ‘A ‘ from ‘A' its long-term counterparty credit rating on Saudi Arabia-based Al Rajhi Bank and affirmed its ‘A-1' short-term counterparty credit rating. The outlook is stable. “The rating action reflects our view that the bakn's stand-alone credit profile has strengthened in the recent past, thanks to its unique market position in the Saudi retail market, increasingly diversified loan book, strong and resilient profitability, and growth strategy with solid capital ratios,” said Standard & Poor's credit analyst Nicolas Hardy. The ratings on the bank reflect its strong capitalization, resilience and superior profitability.
