- RIYADH: Fitch Ratings, one of the world's leading rating agencies, said it had affirmed Saudi British Bank's (SABB's) long-term local and foreign currencies Issuer Default Ratings (IDRs) at "A" respectively with stable outlooks.
- Fitch has simultaneously affirmed SABB's short-term IDR at "F1", Individual Rating at "B/C", Support Rating at "1" and Support Rating Floor at "A-".
In its report, Fitch states: "SABB's asset quality and profitability remain sound while capitalization is adequate and liquidity position is comfortable."
"The IDRs and Individual rating also consider SABB's strong franchise and the significant benefits derived from being an associate bank of HSBC Holdings PLC ('AA'/ Stable)", Fitch's report added.
Commenting on the affirmation, David Dew, managing director of SABB, said: "We are pleased with Fitch's rating affirmation and the stable outlook. This is the second rating affirmation we have received in recent weeks."
"The affirmation from Fitch is an indication of SABB's financial strength, prudent risk management and the scale and balanced nature of our businesses," Dew added.