Fitch cuts Al Hilal Bank viability

Fitch Ratings said it affirmed Al Hilal Bank's long- and short-term issuer default ratings at A+ and F1, respectively.

The outlook is stable.

The viability rating was downgraded to b+ from bb- and removed from rating watch negative.

The agency said the downgrade reflects deteriorating asset quality and capital ratios that are not commensurate with the bank's risk profile and not supported by sufficient internal capital generation due to weak profitability.

It also reflects uncertainties regarding the ability of management to realize their strategy given the bank's tight capital position, Fitch added.

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