Riyadh – Mubasher: Standard and Poor's issued reports on 11 Saudi companies, including 8 banks, Saudi Electricity, giant petrochemical producer SABIC, and 83.77%-state owned Saudi Telecom.
This came after S&P lowered Saudi Arabia's rating to "A-" from "A+" on 17 February.
SABIC's rating was lowered to 'A-/A-2' with Stable outlook. Saudi Telecom was downgraded to 'A-/A-2' with stable outlook.
Saudi Electricity was downgraded to 'A-' with stable outlook.
The Saudi Investment Bank Long-Term Rating was lowered to 'BBB', with Stable outlook. Saudi British Bank ratings were lowered to 'A-/A-2' with negative outlook.
National Commercial Bank was downgraded to 'A-/A-2' while long-term rating was on watch Negative.
S&P lowered Banque Saudi Fransi ratings to 'BBB+/A-2', with stable outlook. It lowered Al Rajhi Bank long- and short-term ratings to 'A-/A-2', while long-term rating was put on creditwatch negative
Samba Financial Group ratings were lowered to 'A-/A-2' and its long-term rating was put on watch negative.
