Riyadh – Mubasher: Fitch has revised Al Rajhi Banking and Investment Corporation’s (Al Rajhi Bank) outlook to ‘Stable’, upgraded from ‘Negative’, according to a press release.

Fitch affirmed the bank's 'A-' Long-Term Issuer Default Ratings (IDR) and placed a National Long-Term Rating of 'AA+(sau)'.

Upgrading Al Rajhi Bank’s outlook indicated that pressures on the operating environment from the pandemic and lower oil prices have eased sufficiently, Fitch noted, adding that “the financial metrics of the bank have been resilient in the past quarters, despite these pressures.”

The rating agency expected that strong financing growth would continue to support the bank's earnings in 2021.

The long-term IDRs were driven by the listed bank’s standalone strength as captured in its 'a-' Viability Rating (VR), while the 'F1' short-term IDR the rating strengths of funding and liquidity profiles.

It is worth noting that Al Rajhi Bank was among the top three most influential local brands in Saudi Arabia during 2020.