Moody's Investors Service on Wednesday affirmed the local and foreign currency deposit ratings of Saudi British Bank (SABB) at A1/P-1 and those of Alawwal Bank at A3/P2, a statement said. The outlook on Alawwal's long-term deposit ratings was changed to positive, from stable, while the outlook on SABB's long-term deposit ratings was maintained at stable, Moody’s added. This rating action follows the official public announcement, on 4 October 2018 that the banks have entered into a binding merger agreement, the agency added.
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