Ratings Assigned to Saudi British Bank

Published January 23rd, 2001 - 02:00 GMT

Fitch, the international rating agency, has assigned a Long-term rating of 'BBB+' and a Short-term rating of 'F2' to Saudi British Bank (SABB), according to the agency. 

SABB's Individual rating of 'B' and a Support rating of '2' are maintained, said Fitch in a statement published on its website on Tuesday. 

This means that the bank is “strong” with no major concerns invloved. Characteristics may include strong profitability and balance sheet integrity, franchise, management, operating environment or prospects. 

SABB was established in 1978 when it took over the Saudi Arabian operations of British Bank of the Middle East. It is 40 percent owned by HSBC Holdings BV, a wholly-owned subsidiary of HSBC Holdings PLC (HSBC), with the remaining 60 percent held by Saudi nationals. It is the fifth largest Saudi bank in terms of total assets and the second largest joint venture bank behind Saudi American Bank, according to the agency – Albawaba.com 

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