Fitch affirms Saudi British Bank

Fitch Ratings said it affirmed Saudi British Bank's long-term issuer default rating and long-term local-currency issuer default rating at A, short-term issuer default rating at F1, viability rating at a, support rating at 1, support rating floor at A-, euro medium-term note program at A/F1 and senior notes at A. The outlook is stable.

The agency said the affirmation reflects the bank's consistent profitability, comfortable liquidity and adequate and improving capitalization. The ratings also consider Saudi British Bank's strong franchise, the benefits of being a 40%-owned associate bank of HSBC Holdings plc (AA/negative) and the managerial and specialized expertise provided to Saudi British Bank under a technical services agreement, Fitch said.

The ratings also reflect concentrations on both sides of the balance sheet, the agency added.

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