Fitch Ratings has affirmed Saudi Arabia-based The Saudi Investment Bank's (SAIB) Long-term Issuer Default Rating (IDR) at 'A-', Short-term IDR at 'F2',Viability Rating (VR) at 'bbb-', Support Rating at '1' and Support Rating Floor at 'A-'.
The Outlook for the Long-term IDR is Stable. SAIB's IDRs are support-driven and reflect Fitch's belief that there is an extremely high probability of support from the Saudi authorities if ever required, given its systemic importance and the state's indirect 38.8% stake in the bank.
Fitch believes that the Saudi authorities have the willingness and ability to support the banking sector. SAIB's IDRs are therefore sensitive to any changes in Saudi Arabia's sovereign ratings ('AA-'/Stable) and Fitch's view of support in the Kingdom.
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