Moody’s upgrades Sabb
By: Staff Writer
Sabb’s BFSR also reflects the bank’s beneficial relationship with HSBC Holdings, which has a 40 per cent stake and a technical services contract.
Moody’s Investors Service has upgraded the bank financial strength rating (BFSR) of The Saudi British Bank (Sabb) to C+ from C, which translates into a baseline credit assessment of A2. The outlook on the BFSR is stable. The bank’s global local currency (GLC) deposit rating remains unchanged at Aa3, while its foreign currency deposit ratings are also unchanged at A1/P-1, but with the A1 long-term rating carrying a positive outlook and being constrained by the relevant country ceiling.