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Ratings agency, Standard & Poor’s (S&P) has today downgraded several Saudi banks as low crude oil prices continue to adversely impact the economic activity across the world’s number one oil exporting country.
S&P analysts have warned of about an increase in non-performing loans, a closely monitored measure of borrowers who are falling behind on their loans and an overall fall in profitability as credit conditions tighten.
According to Suha Urgan, an analyst at S&P, “banks in Saudi Arabia now face higher economic risk due to the fall in oil prices and the ensuing slowdown in the Saudi economy.”
The one notch downgrades lowered ratings on ... (read more)