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Fitch upgrades Saudi British Bank's short-term issuer default rating

Fitch Ratings on Aug. 7 upgraded Saudi British Bank's short-term foreign-currency issuer default rating to F1 from F2.

The agency also affirmed the Saudi lender's long-term foreign- and local-currency issuer default ratings at A-, with a stable outlook on both ratings.

In addition, the agency affirmed the bank's viability rating at "a-", its support rating at 2 and its support rating floor at BBB+. The support rating and support rating floor remain on Rating Watch Positive.

Under Fitch's Global Bank Rating Criteria, a long-term A- issuer default rating is mapped to an F1 or F2 short-term issuer default rating. The ratings action reflects the agency's revised view of Saudi British Bank's liquidity profile. The agency views the liquidity buffer as sound since 20% of the lender's total assets represent high-quality liquid assets which qualify for Basel III.