Fitch ups Arab National

Fitch Ratings said it upgraded Arab National Bank's issuer default ratings to long-term A from A- and short-term F1 from F2.

The outlook is stable.

The upgrades reflect the bank's sustained performance, which could continue due to the Saudi Arabian economy, Fitch said. The bank's planned joint venture businesses in housing finance, heavy equipment leasing and bank assurance will provide increased revenue diversification, the agency said.

The ratings reflect the company's large domestic franchise, consistent profitability, sound asset quality and adequate capitalization, as well as moderate loan and deposit concentrations.

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