...State Support Drives IDRs: Banque Saudi Fransi's (BSF) Issuer Default Ratings (IDRs) reflect an extremely high probability of support from the Saudi Arabian authorities (A+/Stable). Fitch Ratings' assessment of support takes into account the authorities' long record of support for Saudi banks, continued government willingness to maintain stability in the domestic financial system and a strong ability to support banks. It also reflects BSF's systemic importance as the second-largest corporate lender in the kingdom. Corporate Franchise Drives VR: BSF's Viability Rating (VR) reflects its strong corporate franchise, a low risk appetite and its reasonable asset-quality and performance metrics, but also a limited retail franchise, funding concentrations and the benign operating environment in Saudi Arabia. Strong Corporate Franchise: BSF enjoys a strong corporate franchise as the second-largest corporate lender in the country but has a more limited presence in the retail segment, which results...
