Moody's Investors Service, one of the world’s leading rating agencies, has confirmed The Saudi British Bank’s (SABB) “Aa3 long-term deposit ratings” with a stable outlook.
According to Moody's report, “SABB’s solid overall financial fundamentals, deposit-funded profile, well-established local franchise across all of its main business lines and its franchise-enhancing partnership with HSBC Holdings which supports SABB’s systems, risk-management processes, management caliber and product range.”
Moody's decision to confirm the ratings of Saudi British Bank at their current level was driven by the rating agency's observation of improvement in the bank's asset quality and profitability metrics.
Commenting on the affirmation, Abdullah Aloraini, Head of Accounting, Asset & Liability Management and Investor Relations at SABB, said: “We were delighted to see Moody’s latest confirmation and outlook report on SABB. Prudent managerial policies and care risk-management practices were resulted in this acknowledgement. We will certainly continue to apply careful measures to enhance the soundness of financial structure in the face of any possible challenges”.