Riyadh-Mubasher: Capital Intelligence (CI), the international credit rating agency, has affirmed the ratings of Samba Financial Group.
In view of the bank’s very strong capital ratios, strong liquidity, continually improving asset quality and sound profitability, the financial strength rating was maintained at ‘AA-’, with stable outlook.
Ratings are constrained by the lender’s still relatively low net special commission income and to some extent by the level of concentration among its individual borrowers and nonbank depositors, the agency said.
For the same reasons, the long-term foreign currency rating was maintained at ‘AA-’, and the short-term foreign currency rating at ‘A1’, with negative outlook, reflecting the negative outlook assigned to the kingdom’s sovereign ratings.
Official financial support is expected to be forthcoming in the unlikely event it is needed. Consequently, the support level remains at ‘2’.
