JEDDAH — Fitch Ratings has assigned Alinma Bank a Long-term Issuer Default Rating (IDR) of ‘A-' with a Stable Outlook, a Short-term IDR of ‘F2', a Viability Rating (VR) of ‘bbb-', a Support Rating of ‘1' and a Support Rating Floor of ‘A-'. Alinma's IDRs, Support Rating and Support Rating Floor reflect Fitch's view that there would be an extremely high probability of support from the Saudi authorities, if needed. Fitch's opinion of support considers the authorities' strong record of support for the Saudi banking system as well as their strong ability and willingness to support domestic banks. Fitch has also considered the state's indirect 30.7 percent stake in Alinma and clear mandate for the bank in its ratings. Alinma's VR reflects its high capital ratios, good liquidity position, solid customer funding, improving profitability, lack of legacy problem assets as well as its clear strategy, capable management and the benefits of operating in a buoyant economy. The VR also considers risks to the bank associated with rapid loan growth, concentrations on both sides of the balance sheet, liquidity mismatch and short track record. — SG
