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Article: United Arab Emirates: Saudi banks upgraded by Credit Suisse.
- Article from:
- TendersInfo
- Article date:
- September 26, 2009
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Saudi Arabian bank stocks were upgraded at Credit Suisse Group AG, which said historically low valuations and an agreement to refinance debt owed to the banks by Saad Group will spur investor confidence.
Samba Financial Group, Saudi British Bank, Al Rajhi Bank and Riyad Bank were raised to "outperform" from "neutral," Credit Suisse London-based analyst Mohammad Hawa wrote in a research note. Banque Saudi Fransi and Arab National Bank were upgraded to "neutral" from "underperform."
Saad, which has interests in construction, finance and real estate, has been given more time to pay about 10 billion riyals (Dh9.8 billion) to a group of mainly local creditors ...