Fitch Ratings on May 24 downgraded to "bbb+" from "a-" the viability rating of Banque Saudi Fransi.
The action reflects a sharper-than-expected deterioration of the bank's asset quality and a revision in the agency's view of the bank's risk control framework. Still, the downgraded viability rating reflects the bank's strong corporate banking franchise, given that it is the second-largest corporate bank in Saudi Arabia, Fitch noted.
The action does not affect Banque Saudi Fransi's other ratings, the agency added.
