BNP Paribas announced that Standard & Poor’s has assigned an AA+ rating for SAR 1 billion 5 year-floating rate notes issued by its Riyadh branch. This rating is the first of its kind in the Kingdom, and followed an announcement in July, where Standard & Poor’s reaffirmed the AA+ rating with stable outlook to BNP Paribas globally. This rating ranks BNP Paribas among the four best rated banks in the world.
The recent ratings highlighted BNP Paribas’ strength and ability to succeed despite the crisis due to its client driven model, a favourable business and geography mix and a stringent risk policy. These ratings are good news to Saudi Arabia’s clients, who make up a key segment for BNP Paribas’ expansion strategy in the GCC, where the group has set high-level objectives for all three core-business lines: Corporate and Investment Banking; International Retail Services, and Asset Management and Services.
In its summary report of the global rating, the rating agency highlighted BNP Paribas' "strong and highly diversified business profile; sound financial position, characterized by contained risk, satisfactory profitability, adequate capitalization, and high financial flexibility; good and stable management; and moderate risk appetite".
Delighted with the new rating, Jean Christophe Durand, BNP Paribas – GCC Regional Director also commented, saying: ‘We are honoured to receive such a rating in Saudi Arabia, our primary target market, where we actively look for ways to service our customers.’ Durand confirmed that the bank’s ambition in Saudi Arabia and the GCC, is to be a leader in its main activities, like Project Finance, Structured Trade transactions, and derivative products, where it has already distinguished itself recently.
