Moody's Investors Service has upgraded the bank financial strength rating (BFSR) of Banque Saudi Fransi (BSF) to C+ from C (which translates into a baseline credit assessment of A2), and its long-term global local currency (GLC) deposit ratings to Aa3 from A1. Both ratings now have a stable outlook. The bank's foreign currency deposit ratings remain unchanged at A1/P-1, with the A1 long-term rating carrying a positive outlook and being constrained by the relevant country ceiling. Moody's BFSR upgrade recognizes BSF's ability to capitalise on the robust economic environment derived from Saudi Arabia's status as the global leader in oil production, vastly improved government finances and a nominal GDP growth of 80 percent over the past five years, which have translated into announced infrastructure projects in excess of $350 billion over the next 10 years and substantial opportunities for the banking sector. Specifically, over the past three years, the bank recorded an RoE that ranged between 24 percent and 31 percent, a cost-to-income ratio of between 21 percent and 31 percent, problem loans of just 0.7-1.2 percent and well covered by provision reserves, ample liquidity, and adequate capitalization with the Tier 1 ratio ranging between 12.2 percent and 14.4 percent.