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Fitch affirms Abu Dhabi Islamic Bank at ‘A+’, downgrades VR to ‘bb’

Posted on 23 November 2011

Fitch Rating has affirmed Abu Dhabi Islamic Bank’s (ADIB) Long-term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook and downgraded its Viability Rating (VR) to ‘bb’ from ‘bb+’
The downgrade of the bank’s VR reflects concerns about ADIB’s weaker asset quality trends, particularly its high exposure to real estate and rising unreserved impaired loans. The bank’s Fitch core capital (FCC) ratio is also low compared to peers. The VR also reflects ADIB’s sound balance sheet liquidity, healthy pre-impairment operating profit and strong franchise in the UAE………………………………………..Full Article: Source

 
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