The ratings agency also affirmed its 'A-2' short-term issuer credit rating on NCB, assigning a 'gcAAA' Gulf Cooperation Council (GCC) regional scale rating to SNB.
S&P cited the SNB’s status prime position in the market, with 30 percent market share, strong capitalisation and well-balanced risk profile as reasons for the upgrade.
“The stable outlook reflects our expectations that SNB will maintain a solid capital base, and that the joint entity will successfully manage the risks associated with integration and further lending growth,” the agency said in an update.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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