Fitch changes Saudi banks view to negative

Fitch Ratings said it revised the outlooks on Riyad Bank, Arab National Bank and Saudi British Bank to negative from stable and affirmed their issuer ratings at BBB+.

The ratings actions follow a similar action on Saudi Arabia’s ratings on Nov. 9, Fitch said.

Concurrently, the agency affirmed Samba Financial Group’s A- issuer rating, removed it from rating watch negative and assigned a negative outlook.

Fitch placed the ratings of several Saudi banks on watch in March to signal heightened risks of severe deterioration in the domestic operating environment following the sharp fall in oil prices and pressures from the coronavirus-related economic disruptions.

The negative outlooks reflect continued pressures on the operating environment resulting from lower oil prices and low growth in non-oil sectors, Fitch said.

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