...Standalone Strength Drives IDRs: SAMBA Financial Group's Issuer Default Ratings (IDRs) are driven by its standalone creditworthiness, as indicated by its Viability Rating (VR). They are underpinned by an extremely high probability of support from the authorities in Saudi Arabia, if needed. SAMBA's VR reflects its resilient franchise, business model and revenue base, strong capital buffers, stable funding and liquidity, and sound asset quality. It also considers high concentration in loans and deposits, and a depressed operating environment. Strong Capitalisation: SAMBA's VR is highly influenced by its strong capital ratios. The bank had a Fitch Core Capital (FCC) ratio of 19.2% at end-1H17, one of the highest in the sector. Capital is supported by measured loan growth and consistently low loan impairment charges (LICs). Depressed Operating Environment: SAMBA's VR also considers the depressed operating environment in Saudi Arabia. Fitch Ratings forecasts real GDP growth of 0.1% and 0.8%...
