KARACHI: VIS Credit Rating Company Limited has maintained the entity ratings of Samba Bank Limited at double A/A-one.
Outlook on the assigned ratings has been revised from positive’ to stable, said a release on Thursday.
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-1’ signifies high certainty of timely payment; liquidity factors are excellent and supported by good fundamental protection factors. Risk factors are minor. Previous rating action was announced on May 23, 2021.
The assigned rating of SBL is underpinned by strong profile of the new sponsor Saudi National Bank (formerly Samba Financial Group).
SNB is the largest bank of KSA, having an asset base of more than dollars 240 billion (SAR 914b) as at end of Dec 2021.