Fitch Ratings has affirmed Saudi British Banks (SABB) Long-term local and foreign currencies Issuer Default Ratings (IDRs) at A respectively with Stable Outlooks. Fitch has simultaneously affirmed SABBs Short-term IDR at F1, Individual Rating at B/C, Support Rating at 1 and Support Rating Floor at A.
Fitch said SABBs profitability remained sound with lower impairment charges, adequate and improving capitalization, and comfortable liquidity position.
The IDRs and Individual rating also consider SABBs strong franchise and the benefits derived from being an associate bank of HSBC Holdings plc, Fitch added.
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