Fitch rates Aljazira Capital A-

Fitch Ratings said it assigned Aljazira Capital a long-term issuer default rating of A- and short-term issuer default rating of F2.

The outlook is stable.

The ratings reflect the high probability of support from its parent, Bank Aljazira, which is rated A- with stable outlook. The bank's ratings incorporate support from the Saudi authorities should it be required, Fitch said.

The company's profitability is driven by brokerage fees, the agency said, but brokerage income has declined due to sharp falls in prices and volumes on the local stock market.

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