JEDDAH — Fitch Ratings has affirmed Saudi British Bank’s (SABB) Long-term Issuer Default Rating (IDR) at ’A’ with a Stable Outlook. The agency has affirmed the Viability Rating (VR) at ’a’.
The affirmation reflects the bank’s consistent profitability, comfortable liquidity and adequate and improving capitalization. The ratings also consider SABB’s strong franchise and the benefits of being a 40 percent-owned associate bank of HSBC Holdings plc (’AA’/Negative) and the managerial and specialized expertise provided to SABB under a technical services agreement. The ratings also reflect the concentrations on both sides of the balance sheet. — Reuters