2007 News Story

S&P ratings for Saudi banks to remain the same despite decline in profits

Credit rating agency Standard & Poor’s (S&P) said yesterday that the decline in first quarter profits of Saudi banks will not impact its credit ratings for the banking sector, the Arab News reported today.

The agency said that the fundamentals of Saudi banks are still sound, and expressed surprise that small-scale shareholders in the Saudi stock exchange responded negatively to first quarter decline in bank profits.