Arab News, Wednesday, Jul 28, 2021 | Zul Hijjah 18, 1442
Fitch lifts 6 Saudi banks outlooks to stable from negative
Saudi Arabia:
Ratings agency Fitch has
revised six Saudi banks’ credit outlooks to stable from negative and affirmed
their international ratings at BBB+.
The banks are Arab National Bank (ANB), Banque
Saudi Fransi (BSF), Alinma bank (Alinma), Saudi Investment Bank (SAIB), Bank
Aljazira (BAJ) and Gulf International Bank - Saudi Arabia (GIB SA).
These ratings follow a similar action on Saudi
Arabia’s sovereign rating on 15 July 2021 that was attributed to better fiscal
management and an increase in oil prices.
“Fitch’s assessment considers the authorities’
strong ability to support the banking system, given large, albeit reduced from
their historical levels, external reserves,” Fitch said in the statement.
“It also reflects a long record of support for
Saudi banks, irrespective of their size, franchise, funding structure and level
of government ownership.”