Fitch: Alinma Bank’s Long-Term Issuer Default Rating Affirmed at BBB+ with a Stable Outlook

Alinma Bank (Alinma)’s Long-Term Issuer Default Rating (IDR) has been affirmed by Fitch Ratings (Fitch) at BBB+, with a Stable Outlook. Alinma’s Viability Rating (VR) has been put on Rating Watch Negative (RWN) and its Support Rating Floor (SRF) has been affirmed at BBB+. The Stable Outlook reflects the same as that of the Saudi Arabia sovereign, with Alinma’s IDRs being driven by its SRF.

Alinma’s IDR is driven by the BBB+ Support Rating (SR) and SRF are based on the high probability of support available to Alinma, if required, by the Government of Saudi Arabia. Fitch notes that the Government’s ability to provide support to the country’s banking system is strong, given large (althoug...