Moody's Investors Service has upgraded long-term foreign currency deposit ratings of eight Saudi banks.

While affirming their prime-1 short-term rating, the agency upgraded the banks’ rating from A2 to A1. The move followed an earlier upgrade of Saudi Arabia's foreign currency bank deposit ceiling to A1/Prime-1, with a positive outlook.

The outlook for the banks' A1 deposit ratings is stable, except for Samba Financial Group, Saudi British Bank and Banque Saudi Fransi, that have positive outlook.

The ratings of the first two banks remain constrained by the A1 country ceiling, while that of Banque Saudi Fransi is set at the country ceiling. None of the bank financial strength ratings (BFSR) are affected by this rating action; nor are the deposit ratings of Saudi Investment Bank and Bank Al Jazira - as they were not constrained by the previous country ceilings.

The ratings affected are as follows:

- National Commercial Bank: Foreign currency deposit ratings upgraded to A1/P-1 with a stable outlook.

- Samba Financial Group: Foreign currency deposit ratings upgraded to A1/P-1 with a positive outlook.

- Al Rajhi Bank: Foreign currency deposit ratings upgraded to A1/P-1 with a stable outlook.

- Riyad Bank: Foreign currency deposit ratings upgraded to A1/P-1 with a stable outlook.

- The Saudi British Bank: Foreign currency deposit ratings upgraded to A1/P-1 with a positive outlook.

- Banque Saudi Fransi: Foreign currency deposit ratings upgraded to A1/P-1 with a positive outlook.

- Arab National Bank: Foreign currency deposit ratings upgraded to A1/P-1 with a stable outlook.

- Saudi Hollandi Bank: Foreign currency deposit ratings upgraded to A1/P-1 with a stable outlook.