Fitch gives A- to SABB program

Fitch Ratings said it assigned Saudi British Bank's (SABB; A-/negative) trust certificate issuance program, issued through SABB Sukuk Ltd., an A- long-term rating.

The rating is in line with SABB's long-term issuer default rating.

The rating applies only to senior certificates issued under the program.

Fitch said the program issuance rating is driven solely by SABB's long-term issuer default rating, which Fitch affirmed at A-/negative on March 30. The sukuk issuance rating is based on the agency’s view that a default of these senior unsecured obligations would reflect a default of SABB in accordance with the rating definition.

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