Riyadh-Mubasher: The global rating agency Standard & Poor's (S&P) has downgraded its credit ratings for Al Rajhi Bank, the National Commercial Bank (NCB), Riyad Bank and Samba Financial Group. 

The agency has revised its outlook on the four banks to negative from stable.

At the same time, S&P affirmed its 'A+' long-term and 'A-1' short-term counterparty credit ratings on these banks.

The outlook revisions follow a similar rating action on the Kingdom of Saudi Arabia to negative following a sharp decline in oil prices.  

The government owns 64.33% of NCB, 25.55% of Riyad Bank, 49.71% of Samba and 10.11% of Al-Rajhi Bank, according to data available on the Saudi bourse website.

A downgrade of Saudi Arabia would lead S&P to revise its assessment of extraordinary government support for the banks.