Moody's on Oct. 10 revised the outlook on Alawwal Bank's long-term deposit ratings to positive from stable and maintained the outlook on Saudi British Bank's long-term deposit ratings at stable, following a merger agreement between the two banks.

The rating agency affirmed Saudi British Bank's local- and foreign-currency deposit ratings at A1/P-1 and those of Alawwal Bank at A3/P-2, along with various other of the banks' ratings.

The outlook revision of Alawwal Bank reflects that the its depositors will benefit from a transfer to Saudi British Bank, which is a higher-rated entity.