Fitch Ratings 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'. Fitch said 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 added. David Dew, Managing Director of SABB, said: “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 capitalization".
