Saudi Investment Bank (SAIB) has been assigned an A- long-term issuer default and an F2 short-term rating by Fitch. The bank's individual rating has been set at B/C and support rating at 2. The outlook is stable.

'The bank is benefiting from increased opportunities in Saudi Arabia and does not appear to have been adversely affected by the recent corrections in the local stock market,' said the Fitch statement.

'While the current buoyant economic environment in Saudi Arabia persists, Fitch expects SAIB to continue reporting strong results while maintaining one of the highest tier 1 capital ratios in the sector.' SAIB made a net profit of SR 1,100 million ($293.3 million) in 2005.