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Fitch downgrades SAIB rating
The Saudi Gazette Published in The Saudi Gazette on 24 - 06 - 2009

Fitch Ratings has downgraded on Tuesday the Saudi Investment Bank's (SAIB) Individual Rating to ‘C/D' from ‘C' and affirmed the bank's other ratings, including its Long-term Issuer Default Rating (IDR) at ‘A-' with a Stable Outlook.
Fitch has affirmed SAIB's Short-term IDR at ‘F2', Support Rating at ‘1' and Support Rating Floor at ‘A-'.
The downgrade of the bank's Individual Rating reflects Fitch's concerns about SAIB's asset quality, particularly because of its high borrower concentrations in a slowing economy. Fitch believes that a deterioration of any of SAIB's largest exposures could significantly affect the bank's performance.

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