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.
