LIMASSOL: Moody’s Investors Service affirmed the long-term deposit ratings of the nine banks it rates in Saudi Arabia, as well as the senior unsecured and subordinated debt ratings of their affiliated entities, where applicable, Arab News quoted the rating agency, as saying, in a statement.

At the same time, Moody’s changed the outlook on the long-term deposit and senior unsecured debt ratings to stable from negative.

The affected institutions are Saudi National Bank, Al Rajhi Bank, Riyad Bank, Banque Saudi Fransi, Arab National Bank, Bank AlBilad, The Saudi Investment Bank, Bank Al-Jazira and the Gulf International Bank, Saudi Arabia.

Separately, the rating agency has also announced the affirmation of the Saudi Real Estate Refinance Company (SRC) A2 issuer ratings and revised its outlook to stable from negative.

The decision comes days after Saudi Arabia’s government A1 rating affirmation and its outlook was changed to stable from negative.