Fitch Affirms Al Rajhi Bank’s Long-Term IDR at ‘A-’; Revises Outlook to Stable 

Fitch Ratings (Fitch) has affirmed Al Rajhi Banking and Investment Corporation’s (Al Rajhi Bank) Long-Term Issuer Default Rating (IDR) of A-, while revising the bank’s Outlook to Stable from Negative. In addition, Fitch has assigned Al Rajhi Bank a National Long-Term Rating of ‘AA+(sau)’ with a Stable Outlook.

Ratings Rationale

The revision of the IDR’s Outlook to Stable reflects Fitch’s view that constraints on the operating environment, due to the COVID-19 pandemic and lower oil prices, have eased adequately, and that the bank’s financial metrics have remained resilient despite these pressures, over the past quarters. Al Rajhi Bank’s robust franchise and business model are key rating strengths, resulti...