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Special Standard & Poor's Survey Shows That Rated Gulf Banks Are Significantly Exposed To The Saad And Algosaibi Groups Jul 09

  • ID: 1810085
  • July 2009
  • Standard & Poors
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  • AAR Corp.
  • ARINC Inc.
  • Colt Defense LLC
  • Goodrich Corp.
  • Mashreqbank
  • Riyad Bank
  • MORE

Standard & Poor's Rating Services conducted a survey on 30 commercial banks that it rates in Gulf Cooperation Council (GCC) countries to assess their direct exposure to the Saad and Algosaibi groups (including their banking subsidiaries), two prominent groups based in Saudi Arabia's Eastern Province. The Saad group is a conglomeration of international financial services companies, manufacturing facilities, investment companies, and health care, education, and real estate development activities. The Algosaibi group is active in financial services, bottling and distribution, can manufacturing, real estate investment, hotels, shipping, and contracting. These two groups ran into severe and unexpected difficulties in recent months and have entered debt restructuring discussions with their respective creditors. While information related to each individual Gulf bank's exposure...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
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- Boeing Co.
- Aerojet Rocketdyne Holdings Inc
- General Dynamics Corp.
- Goodrich Corp.
- Kaman Corp.
- Moog Inc.
- Raytheon Co.
- Textron Inc.
- Hexcel Corp.
- BAE Systems PLC
- Finmeccanica SpA
- Gulf International Bank B.S.C.
- Airbus Group SE
- AAR Corp.
- National Bank of Kuwait S.A.K.
- Sequa Corp.
- Arab Banking Corp. B.S.C.
- Thales S.A.
- Bombardier Inc.
- Orbital Sciences Corp.
- B/E Aerospace Inc.
- Orbital ATK Inc.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- Communications & Power Industries Inc.
- The National Commercial Bank
- Arab National Bank
- Samba Financial Group
- Riyad Bank
- The Saudi British Bank
- National Bank of Dubai
- Emirates Bank International PJSC
- National Bank of Abu Dhabi
- Mashreqbank
- L-3 Communications Corp.
- Abu Dhabi Commercial Bank
- Precision Castparts Corp.
- Commercial Bank of Kuwait
- DeCrane Aerospace Inc.
- TransDigm Inc.
- Rolls-Royce PLC
- BankMuscat S.A.O.G.
- Burgan Bank
- Israel Aerospace Industries Ltd.
- Al Rajhi Bank
- Vought Aircraft Industries Inc.
- Rockwell Collins Inc.
- Dubai Islamic Bank
- Gulf Bank
- Esterline Technologies Corp.
- ARINC Inc.
- Al Ahli Bank of Kuwait
- Heckler & Koch GmbH
- Kuwait Finance House
- Qatar National Bank
- DynCorp International LLC
- AmeriQual Group LLC
- Spirit AeroSystems Inc.
- MTU Aero Engines Holding AG
- Embraer S.A.
- BMI Bank B.S.C.
- Banque Saudi Fransi
- The Commercial Bank (Q.S.C.)
- The Saudi Investment Bank
- Atlantic Marine Holding Co.
- Sharjah Islamic Bank
- Al Baraka Banking Group B.S.C.
- Hawker Beechcraft Inc.
- Wesco Aircraft Holdings Inc.
- StandardAero Aviation Holdings Inc.
- Hunter Defense Technologies Inc.
- Colt Defense LLC
- Ahli United Bank B.S.C.
- Doha Bank Q.S.C.

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