Fitch: Al Rajhi Banking and Investment Corporation Maintained at Rating Watch Negative

Fitch Ratings (Fitch) has maintained Al Rajhi Banking and Investment Corporation (ARBIC)’s Long-Term Issuer Default Rating (IDR) of A-, as well as the Viability Rating (VR) of a- on Rating Watch negative (RWN), according to a report on the 6th of July 2020. In addition, Fitch affirmed ARBIC’s Support Rating Floor (SRF) at BBB+.

According to Fitch, the IDRs and VRs reflect ARBIC’s standalone credit profile. Fitch placed ARBIC’s VR on RWN back in March 2020, in line with those of all the Fitch-rated banks in Saudi Arabia. Since ARBIC’s IDR is driven by its VR, Fitch simultaneously put ARBIC’ IDR also on RWN. The RWN highlights the risks of a severe and extended deterioration in the domes...