Fitch sees limited pandemic impact on Saudi banks

CAIRO: Fitch Ratings agency revised outlook for Saudi banks as it said the impact of the pandemic on their performance has been contained.

The agency said in a note on Wed. that it revised the outlooks on all Saudi banks’ Long-Term Issuer Default Ratings to “Stable” in second and third quarter of this year to “reflect reduced pressures on the operating environment and the Stable Outlook on the sovereign rating.”

It also kept weighted average Viability Rating of ‘bbb+’ for all Saudi banks, the highest in the Gulf Cooperation Council, according to the note.

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