Wednesday, 24 September 2008

Standard & Poor’s assigns AA+ rating for SAR 1 billion 5 year-floating rate notes

Another good rating for a large liquid bond in the GCC. Standard & Poor’s has assigned an AA+ rating for a SAR 1 billion 5 year-floating rate note issued by BNP Paribas Riyadh branch. This rating is the first of its kind in Saudi Arabia.

The rating agency highlighted the Saudi operations of BNP Paribas s being strong and highly diversified with a sound financial position, characterized by contained risk, satisfactory profitability, adequate capitalization, and high financial flexibility.

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