Jun 24: VIS Credit Rating Company Limited has reaffirmed entity ratings of Samba Bank Limited at double A/A-One. Outlook on the assigned ratings is stable.
Previous rating action was announced on June 22, 2018. The long term rating of “AA” signifies high credit quality; protection factors are strong.
Risk is modest but may vary slightly from time to time because of economic conditions. The short term rating of A-T signifies high certainty of timely payment; liquidity factors are excellent and supported by good fundamental protection factors. Risk factors are minor, said press release on Monday.
The assigned ratings of SBL are underpinned by sound profile of its sponsor, Samba Financial Group. The Samba Financial Group is one of the largest banking groups in Kingdom of Saudi Arabia . SFG has been assigned the Long-Term Issuer Default Rating of “A-” with a stable outlook by an International credit rating agency.
Ratings also incorporate adequate financial risk profile of the bank on a standalone basis as indicated by its sound capitalization indicators and asset quality indicators coupled with growth in advances and operating profitability in 2018.