Fitch Ratings has affirmed Abu Dhabi Islamic Bank’s (ADIB) Long-term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook and Viability Rating (VR) at ‘bb’. ADIB’s IDRs are driven by potential state support from the UAE authorities. A change in Fitch’s view of the willingness or ability of the UAE authorities to support ADIB would be negative for its IDRs and its Support Rating Floor.
However, Fitch notes recent supportive actions for the domestic banking sector including pre-emptive capital injections. In addition, Fitch believes that support would be forthcoming from the Abu Dhabi government (’AA’/Stable/’F1+’), which has injected hybrid capital into the leading Abu Dhabi banks………………………………………..Full Article: Source