Fitch Affirms SABB’s Rating

Fitch Ratings, one of the world’s leading rating agencies said it has affirmed Saudi British Bank's (SABB) 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 that SABB's profitability remained sound with lower impairment charges, adequate and improving capitalization, and comfortable liquidity position. The IDRs and Individual rating also consider SABB's strong franchise and the benefits derived from being an associate bank of HSBC Holdings plc, 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. The affirmation from Fitch is an indication of SABB’s financial strength, strong profitability in a low interest rate environment, prudent risk management and adequate capitalisation".