Riyadh – Mubasher: Moody's Investors Service on Tuesday affirmed the long and short-term local and foreign currency deposit ratings of Saudi British Bank (SABB) at A1/P-1.

The rating agency upgraded the long and short-term local and foreign currency deposit ratings of Alawwal Bank to A1/P-1 from A3/P-2, according to a statement.

Moody's has also affirmed the baseline credit assessment (BCA) of SABB at a3 with a stable outlook.

The ratings of Alawwal were withdrawn, Moody’s announced.

The global rating agency ascribed its recent ratings to the completion of the merger between both banks.

On Sunday, SABB and Alawwal Bank announced the completion of a merger between both lenders after the expiry of the creditor objection period on 15 June.