Fitch Affirms Banque Saudi Fransi’s Long-Term IDR at ‘BBB+’; Negative Outlook 

Fitch Ratings (Fitch) has affirmed Banque Saudi Fransi’s (BSF) Long-Term Issuer Default Rating (IDR) at ‘BBB+’, with a Negative Outlook. The ratings agency has also assigned BSF a ‘bbb’ Viability Rating (VR) and a National Long-Term Rating of ‘AA-(sau)’ with a Stable Outlook.

Ratings Rationale

BSF’s Long-Term IDR’s Negative Outlook reflects the same on the Saudi sovereign, as the IDRs are driven by potential state support. BSF’s Support Rating (SF) and Support Rating Floor (SRF) indicate a high probability of support from Saudi authorities if required. This is based on the authorities’ robust ability to support the banking system, with large, albeit declining, external reserves. In add...